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If it is the cat causing the problem, you may want to look at your federal emissions warranty.
I recently had mine replaced on an 01 s with 45k miles. My dealer wasn't upfront about the coverage. I had to show him page 1 of the warranty manual that came with the car. I think coverage is 8yrs/80k miles. Page 15-19 tells you what is covered.
They might not cover it if you have other engine mods, but it is worth a trip to find out. If I remember right, cats were not a cheap repair. Then again, what is at a porsche dealership?
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