I have a 75 2.0. One of the downsides I hear about on this year/model is the extra heat and shorter engine life because of the smog junk. Is de-smogging this thing a can of worms I want to open? If I remove the catalytic converter, what else needs to be done to make it run right? I don't have to deal with emissions tests in WA anymore, so I would love to open this thing up and let it breathe if it's not too big a project.

You will need to put a pipe with the proper flanges where the cat was or just take off and gut it.....

However, best deal is to get a set of 73-74 heat exchangers, muffler and hanger and swap them out...the air injectors in the heads can be capped....everything just falls off with a little help from a wrench...

Swapping out the 73-74 HEs can be pricey if you are on a budget...it can wait until you find a set...run an ad in the classifieds.