There's a thread on another forum regarding the fuel line hoses and HC smell. http://www.pro-touring.com/showthread.php?79183-Kicked-out-of-the-Garage!!-EZ-EFI-fuel-line-odors.&highlight=smell

Modern honeycomb catalysts are nothing like the old pellet style which severely robbed power and plugged easily (compounded by manufacturers trying to get away with feedback carburetors for closed loop operation).

You have the EZ-EFI system, which should keep your part throttle at stoich, therefore catalyst longevity should not be a problem. Granted it probably doesn't have the catalyst protection strategies that the latest OEM ECUs use, but it does have wide-band control to keep from running too lean at WOT. You should still easily be able to get 100k miles out of them.

A properly sized catalyst should have negligible effect on power. I had a '93 Z28 that a test pipe fabricated for track use. Testing on the same day, multiple runs with and without catalyst, showed no change in 1/4 mile or trap speed. The Corvette ZR1 makes 638hp through the catalysts. Be sure to consult with the manufacturer for the minimum suggested size and mounting length from the collector.