Yeah there are two seperate "smog" systems on these motors, the EGR and the Thermactor(air injection). The EGR is the smaller/tidier system consisting of just 1 valve and a short steel hose between the exhaust manifold(5.8) or the lower intake(5.0), there is also a control solenoid(EVR) over by the coil that is connected to the EGR valve with a vacuum line. This system recirculates a small amount of exhaust gas back into the engine and it cannot be removed without setting a code.
The thermactor system consists of an air pump, two diverter valves, two control solenoids(TAB and TAD) over by the coil, and a mess of steel and rubber hoses that connect the pump to motor and the cats. This system is designed to supply fresh air to the cats to help them burn off excess hydrocarbons, and all this can be removed without affecting engine operation or setting a code but it won't make any difference to power output.