UPDATE: Well, we took it to my friends shop and gutted that thing out.
Before gutting it, we ran it on the dyno and ran the 5 gas analyzer in the tail pipe. The laptop battery died on the 2nd pull, butit did save the readings. The 5 gas was recorded and checked manually, it had identical readouts with and without the cat. I also got 14 MPG on the way to the shop (60 miles), filled up, and got 21.1 MPG on the way back.
The cat was cake to pound out, took 10 minutes. No check engine lights after 60 miles and the truck was noticably faster. It is not any lounder with my stock exhaust.
The entire core of the converter was simply loose in the housing. There were no broken pieces insideor clogged parts. It just slid around inside the casing.
I will post dyno numbers tomorrow morning when whe retrieve it from the laptop.