I can't say if there was a power loss up till then, not having a "before and after" drive. Got the rig in October and did some "before" but no "after" drives yet. We had that over-heating catalytic converter issue mentioned earlier in the thread. Nasty!
Went for the straight pipe replacement, which is allowed here, so no more cat issues in future including any power loss from a clogged cat.
"Diagnostics first" sounds good in theory, but perhaps only for those who can do their own work. Our garage tells me that a pressure test on the cat would be about two hours work (at $100 an hour). So IMO, if you have a 1991 or whatever rig and not sure about the cat, just get rid of it, since you probably will need to anyway.
BTW in our 1991 the O2 is before the cat so there was no issue going straight pipe wrt engine dash warning lights or fuel mix etc as happens with O2 after the cat situations.