I had a cat on my otherwise stock carbed 3.0S for a while. Removed much of the smoking and smell, did not hinder performance one bit. Even kept the rear clean (it´s a white car and the exhaust did tend to stain the side with the exhaust pipe). It was positioned directly behind the downpipes beside/under the gearbox. Single, decent sized cat.
But, as the engine wore and started to burn oil I one day ran into quite a problem. I was driving home about 400mls (from Berlin to Düsseldorf) and had a nice clear, empty autobahn so I let it rip (VMax for as long as I could). I´d done that often enough before and with the cat and no problems. But this day and at that level of engine wear and oil burn rate I ran into a problem where obiously the ehaust gas temp and the oil fumes burning off in the cat sent the cat over its melting temp and into a viscous circle. At first I just had a slight power loss, but even after going back to cruising speed the car lost more and more power. In the end I had a hard time getting it over 70-80mp/h. I did make it home and the car ran fine at idle but It wouldn´t pull properly. After much head scratching I took the exhaust of the car and took a look indise the cat. The front third of the cat had molten away and it´s remains had severely restricted the rest of the cat. Exhaust back pressure must have been riddiculous, it´s a miracle the car ran at all.
Had to bang the cat out and later removed it completely to get the car running properly again.
Long story, short info: A cat will work fine, not restrict performance, make your car smell a lot better and keep it´s butt cleaner.
But if your engine is very worn the oil fumes may iginite in the cat and melt it, at least at high speed/load. So maybe not the best idea for track or autobahn.