need some advice on a 91 rs

Ok, my car has several problems with it and i cant afford to fix them all at once. the first thing wrong is the car smokes alittle when i start it up, but only when i start it up. I think it the valve stem seals. second i need exhaust, i have holes in the pipe from just past the manifold, to the muffler and the muffler has a hole the size of my fist. i also need a new cat( i can bang on it had hear it rattle. Im not sure which i should get first, Whats the worst thing that can happen if i let the valve stems seals go longer with out fixing them(500 dollars isnt easy for me to come by)? and whats the worst thing that can happen with letting the exhaust go and not fixing it? will muffler tape help the exhaust?
Thanks,
Jess

well all camaros, firebirds smoke like that apon start up, it is the valve seals. well you can order the pipe for like $80, thats the y pipe, and the pipe going from the cat to the muffler, you can get a flowmaster 80 series for $129, plus what ever tips you want for 15-$30 a piece.

you can change the valve seals yourself without pulling the heads. the seals only cost about $20, and you can get a tool that looks like a puller that compresses the valve spring so you can romove the keepers. then use a fitting that screws into you spark plug hole and plug your air compressor hose to it. put the piston on bdc, and the compressed air keeps the valves closed and from falling down the cylinder. the just remove the o ring from the valve stem, and pull off the umbrella stool.

it sounds complicated, but it's really not

the exhaust would prolly be the cheapest and easiest thing to fix first. im sure you could pick up a stock replacement from a junk yard or something. you might even be able to get an aftermarket system for a couple hundred bucks.

the exhaust shouldnt hurt the car, it will hurt the performance (and the environment but who cares about that) but shouldnt do any damage. i think that you should look into getting the seals taken care of first...

I'd go exhaust and the Flowmaster way
Its cheap and sounds pretty dang good to.

Thanks for the help guys. and to answer 4's question, it took me about 3 hours to change the heater fan motor(dont ask), im not very mechanicly inclined. Thats why i cringe at the thought of spending 500 dollars on the valve stem seals. And the thought of trying to do them my self is even scarier because my luck i will really screw the car up. So i hope i can leave the valve stem seals as is for about 2 or maybe 3 months. I'm gonna try and use muffler tape on the hole in my exhaust pipe for now as a temp solution to that. Agian thatnks for the help and anyone else with any advise please feel free to send it my way.

Jess