You can run a test pipe in place of a catalytic converter but you wont pass inspection in most states.
You can run open header, but it's loud as shit and you'll attract a lot of attention from the cops. I don't recommend it.
All in all, buy a high flow cat, and a nice exhaust and have it all installed at once. The key to an exhaust isn't diameter, it's the velocity the gas moves at.
Higher priced exhausts by companies like Tanabe, Skunk 2 and RS*R put massive amounts of money into R&D to design a system that provides peak performance made of quality materials like stainless steel.
Where as a "custom exhaust" you get at a muffler shop is made of mild steel, generally isn't mandrel bent, and won't last nearly as long as a unit made by a reputable company from high quality materials.
All in all, you get what you pay for.