KGV,
Thanks for your informational response. Checking Volvo diagrams I'm almost convinced that I have the original exhaust on this very clean 122K mile car. (however unlikely that may be so at least it LOOKS original) There is a pipe with a flange that connects to the rear of the cat and runs to the beginning of what is the typical 240 exhaust kit. Just looking at it again I could probably leave the cat in place as the pipe behind the cat is solid. It was the cat flange bolts that are bad so i was thinking of replacing everything. To your excellent point I'm not required to pass emissions in NY and therefore should probably delete the old rusty looking cat. Who knows what lurks inside also?

I have replaced these systems before (Starla, IPD sport etc.) but now I'm thinking I should enlist the help of a shop so I can have an intermediate straight pipe made up to replace the cat and pipe following it.
Will get under it this weekend and make sure the headpiece and bracket is worth keeping. There is a bung down low on the headpiece but the oxygen sensor I believe is up closer to the exhaust manifold. So.....maybe it is a replacement head pipe. Always hard to know when they start getting this old.

The flange at the end of the headpipe could also be eliminated too. (just lop it off and use a slip fit connection)