If you have a bad cat you have or had other issues to make it go bad... I think I still have my pre-cat from my old p5 in storage. I can dig around and see if I can find it some time tomorrow if you would like. However the thing is decent sized and I wouldn't know how to go about packaging it for shipping either.
This is a good point, and something that I did not really clarify. In my case, I had bad ignition coils that were causing a random misfire. However, once those were fixed and the car was running smoothly, I installed a new eBay catalytic converter (which, I searched for my old tracking number, and discovered that mine shipped from Toronto, similar to the ones being discussed in this thread).
My car ran fine (and completely stock) for the next several months until one day when the P0421 code came back. Keep in mind that this was after having replaced my ignition coils, spark plugs, and spark plug wires, and there were no other problems with my car at all. The cheap catalyst in the eBay converter just crapped out and I was never able to get in touch with the seller to get a replacement.
For those of you thinking a $100 converter from eBay (I am not talking about used OEM ones) is a good deal, keep in mind the metals that make up the catalyst in a typical converter - platinum, palladium, and rhodium. Palladium is currently going for about $360 per ounce, while Platinum is fetching about $1450 per ounce and rhodium is about $2350 per ounce. These metals are not cheap, and the only way the eBay converters can be sold for so cheap is because they barely put any in there to begin with.
Now this doesn't make a very good case for the Walker converter, since it is still only about $260, but at least it comes with legitimate support staff, as well as a 5-year/25,000 mile warranty. I don't know about you, but I think that's a helluva lot better deal than paying $800+ for a new OEM converter every 8-10 years or so.