I am with Jim here. The exhaust needs to flow, but if it flows too much (no exhaust) there may be a power loss too at certain rpms. Also I have seen exhaust manifold studs rust or pop and then the manifold starts to leak exhaust = noise. I have even seen cracks in these manifolds.
I don't like replacing the exhaust manifolds on the transverse engines still in the vehicle unless armed with rust penetrant and a 2-gas torch. I do live in Chicago and rust is a popular thing here on vehicles. ;-) I keep spare studs, nuts and washers here to replace the old ones.
Now if you have done a compression test and/or leak down test on the engine and it passes............then go ahead with your repairs. Replace one component at a time. If you know that you cat. conv is bad, change it. If you know that the exhaust manifold is bad, change it.
SAFETY IS NEEDED!!!
And good luck!