Opinion: If you're worried about the smell...you have the wrong car. If you're concerned about a cat for clean air and "saving the planet"...you have the wrong car.
Stock cat and stock muffler are very heavy compared to the M&K products. Mine were sold, why someone besides a scrap yard would want them, beyond me.
For weight savings, performance, and a great sound I'd go straight-pipe in place of cat and the M&K muffler you're considering.
Will it smell a little on cold start, yep! That's part of the experience.
4" cut off wheel carefully placed will get the job done quickest, Dremel will work but be prepared to pack your patience