I have a '95 Mustang GT and am putting exhaust on. I would like to take the cats off and go with an straight X pipe. I keep getting different opinions on if I will have trouble with the engine light coming on. I didn't recall if there are any O2 sensors down there or not. I don't want to spend the money on high flow cats if I can get away from it.
So guys, what's your opinion?

Hope this helps you.

http://neptune.spacebears.com/cars/stories/exhaust.html

well since you have the 5.0L motor, you've also got Ford's EEC IV OBD1 computer, which doesn't monitor catalyst function. I've never wrenched on the forward H pipe section of a '95 Mustang, but unless there are O2 sensors after the cats (and I don't think there are) you're fine. Just realize there is no way the motor will pass an emissions test, but if I remember right Colorado is a great place to be for slack emissions laws. Hope this helps, peace.