I just went through this same exact situation, just buy the hiflow cat, its alot cheaper and yes it functions just as a gutted cat, no about the CEL, it will most likely come on (mine did) but as long as you buy the cat that has a bung for the o2 sensor than you should be fine (mine is a honda civic so I dont know if they are the same or not but id imagine they are close)anyways if it does come on try this....
http://www.ephatch.com/resource/simthing/simthing.htm ..worked on mine, almost 3k miles later and still no CEL on, it basically moves the sensor farther away so therefore there is not as much air getting to it, therefore it thinks the cat is work and resisting air flow : )