Klonorg

I have just been given a 1980 450SL with 170K+ miles. The punch line is that it was parked (uncovered) four years ago when it was determined a fuel distributor was needed to keep it happy. Many issues, most of which are addressed here on the web or the great documentation we have bought. My questions have to do with emission controls and catalytic converters.

First a few relevant facts:
1. The car will be used sparingly. Probably around 5K-7K miles per year. It is more a project to teach my 16 about cars than a daily driver. Having said that, I have always wanted one of these. If possible I would love to drive it for the next 20 years. Even with a few thousand dollars of maintenance a year, it would be cheap AND fun.
2. I live in Texas. Since the car is over 24 years old, there is no emission testing.
3. The exhaust system, including catalytic converters need to be replaced.
4. I am willing to eliminate ALL or ANY emission controls to make my life simpler and/or car run better and/or faster.

So my questions are:
1. Can I simply remove the catalytic converters from the exhaust? What do I give up? Gain?
2. What can I eliminate from the emissions control systems? What do I give up? Gain?
3. Anything else I am missing?

Thanks for you help and interest.