Well firstly I think it's a federal offense to move it and chances are you won't pass inspection. So people tend to hollow them out but I'm assuming you have the 4.0 OHV which LOVES it's back pressure so chances are you will lose low end power if you remove the cat, along with being unable to inspect the vehicle.
It is supposed to help remove containments from the exhaust, make the vehicle more environment friendly. Get a new cat back exhaust if your looking for more power, again with the 4.0 OHV which is what I'm assuming you have in your truck 2.25 piping from the cat back.