Ditching the cats will likely decrease actual performance by shifting peak torque higher up the rev band. If you also improve the intake you may net out ok since improving both (intake and exhaust) should gain you some power overall. It is difficult to increase power AND retain the low end torque without careful planning (or forced induction).
So, basically it would sound a little different, stink a lot more, and perform a little worse. Not worth it to me but maybe you have different goals.
OTOH with careful planning the 4.7 Is likely good for a lot more power overall. The motor is set up for low end torque and runs out of steam at the high end. If you don't care about the low end you could open up the intake, go to a short-runner plenum, add high rpm optimized equal-length headers with free flow cats, go to a higher capacity fuel injector, and retune the ECU and get maybe 300-320hp. Reground cams after that would probably get you into 350+ territory. It's at least as good a motor as the SBC there are just fewer performance parts available.