There are other 'cheaper' cats that work in your state. These usually come with a 2 year guarantee and life expectancy of 5 years.
http://www.jcwhitney.com/davico-oe-replacement-catalytic-converters-48-state-legal-no-ca-no-ny/p3038290.jcwx?filterid=d2244y1998g474j1&skuId=7707871
But, is this diagnosis valid? What are the engine codes? Have you replaced the O2 sensors lately? How about the vacuum lines, do any of them leak?
As for the Tbelt... Have you ever replaced the water pump, if so, then you don't need a new one. You have the hydraulic tensioner, if that is original then it should be replaced along with the tensioner roller and free roller. The Sbelt and roller should also be swapped.
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Keeping it running is better than buying new
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