I'm no mechanic and currently am running a diesel so I'm by no way an authority on the subject..... but, thinking back to my gasser days, isn't there a chance the CAT is all plugged up killing the power? So, while a new cat-back system may not be necessary, replacing the cat (and 02 sensor?) may help a lot.
Years ago I was running a Toyota 4runner (totally underpowered) and saw some very noticeable performance gains by replacing the exhaust system. It's not so much about upgrading but just starting over with a fresh, un-clogged cat.