My 88 chevy needed a new MAP sensor to pass emissions. (manifold air pressure sensor) It was running too rich without the sensor, with a new one it runs much leaner which not only helps with emissions but saves fuel too. Not to mention it seems to accelerate better now too. I also put in a new O2 sensor myself on it. And man those are a bitch to remove.
Well worth it though the way it runs much better now. Just to let you know, it may not be the cat that needs replacing. Unless you've been running rich for years and burnt the hell out of the original cat.