1996 Ford Thunderbird Exhaust

It looks like my thunderbird had 3 catalytic converters... personally i think they are a complete waste and see no point in them. I just got a set of headers for my 4.6L and have alread done the exhaust starting after the cats... my next task is to go after the funky "Y" pipe containing the cats... i was considering only keeping one cat and replacing the other two with electric exhaust cutouts from Quick TIme Perfromance so i can run the exhaust straight from the headers in certain situations. I realized this might create a major headache with the o2 sensors... is there any way of wiring around them? taking them out of the equasion completely? reprogramming the computer? you see where im going with this? is there any way i can run a system like that which would allow me to run off of the headers with out screwing up the computer due to the o2 sensors?

oh and im not worried about CA emmissions or smog laws because it will be an Oregon registered vehicle long before it is due for its next smog test...