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I feel as though you're focusing on the wrong places for horsepower. If you haven't already, you should look into the intake and ecu remapping that Pedro's Garage offers. I believe they have labeled this as the "TechnoKit". For less than $1500, they claim almost 40hp.
You'll be looking at spending close to that on the exhaust upgrade you are describing. And yes, you would be able to pass a smog inspection, but I feel you're not really thinking about this in a proper sense. As Mr. Danger has states numerous times, there is no cheap exhaust upgrade. Although I cannot see pouring as much money into my exhaust system, as he has into his, i must say his is done right. And as far as tastefully modified boxsters goes, his is the bench mark.
To be completely frank, welding your old cats onto new headers, is going to not only look tacky, but will drop your performance gain of those headers significantly. If they claim 15hp, that is of course with the cat delete. Putting them back on could significantly reduce that performance gain.
In my mind, as johnny has already stated, there is no cheap way, or short cut to a proper exhaust modification on 986 exhaust systems. And although it may be hard to face, what you are describing is a short-cut. Although not cheap or fast, you are only attempting it to avoid the extremely expensive and long process of doing it "right".
Hope this is helpful,
Brad
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