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2nd Gen Ram Tech1994-2001 Rams: This section is for TECHNICAL discussions only, that involve the 1994 through 2001 Rams. For any non-tech discussions, please direct your attention to the "General discussion/NON-tech" sub sections.
Removing the o2 sensor will only check the cat if it is badly clogged and hardly runs or won't run at all. It needs a backpressure test or atleast a thermal test. And since it's a 98, and the original cat as far as you know, it's bad or going bad. And you'll want to check the plenum also.
There is still a vac problem that needs be addressed, but, you can just gut the cat to eliminate that prob. And replace it and a later date if your state does E tests.