De-smog 1978 530i

I just acquired a nice 530i. It is old enough to escape the smog laws in this state. Does any one have any tips about removing the installed air pump, egr, or cat? I think this may help reduce the over heat problems I have heard about and improve the mileage. I plan to change to pointless ignition, should I find another BMW or is the aftermarket ok.

Thanks in advance for responding!