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How many convertors does it have? You can remove/hollow out the pre-heater and catalytic convertor. Also you can remove the smog pump. Can't say whether you'd gain noticeable improvement in power, but I did in my 89
Pastmaster's right the smog pump and the converter can be removed, also so can all the other smog tubesplug em off or remove the whole system. you have an EEC IV which shouldn't register the changes if i remember right... also the vacume selenoids on the drivers side of your motor if you wish to eliminate the vacume operated smog valves in the system, cap the lines after the selenoids, this will allow them to open and send a signal to the computer that they are in use, yet after that the rest of the system is gone the computer is none the wiser. I removed everything except the EGR and have had no check engine codes nor a loss of efficiency. Good luck and beware if your state ever adds emissions testing youll have quite a headache ahead of you. BTW Motorsport has an idler that will replace your smog pump and let you keep the same length belt i think.
I have spoken to a couple of people who have removed thier EGR, some power increase since they were no longer reburning EG's but they lost some of thier mileage, the leaner run provided by the Exaust gas does seem like it helped the truck especially since it doesnt open up all the time. But thats all i know about it.