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That is illegal and the EPA/CARB is cracking down. However, there is a motorsport clause that if you only operate the vehicle off-road you can remove the emissions components. I don't know of anyone currently producing them, if you do find one, get it quickly.
1996+ ODB2 catalytic converters are fairly high flow, a big step from the ones available in the 80's. The cost of a shop putting a cat delete pipe on a street vehicle is about $10k, and then shops get leary about working on the vehicle if they notice the cat is missing. Your best option if you must do it is to put a pipe in it's place in your driveway.
Not sure about how the 5.4 will act but as an experiment I removed the cat from my 6.8 and it didn't like it. I lost low-end and not to mention the noise in the cab increased quite a bit. I ended up installing a Magnaflow high-flow cat instead. I've wasted a lot of money experimenting on exhaust systems and have learned the hard and expensive way that these motors require some degree of back-pressure. If you open up the exhaust too much, your low-end power will suffer. I should clarify that I'm speaking from a forced induction perspective, not sure if the same would apply to naturally aspirated applications.