I've got a peco stainless steel cat back, the noise is amazing, but will need a decat and induction kit to complement. I didn't really notice any performance increase if i'm honest, but i think with an induction kit and 52mm TB all three components will work well together for a nice 5-10bhp.
I'm in the same situation as you, my flexi pipe is fooked and squeaks, I cable tied the mount a little bit which stopped the squeaking but makes the exhaust knock against the heat shield occasionally
so I'm going to need to replace the down pipe. I'd rather get a decat, purely as it's cheaper than getting a downpipe with a cat in, I guess.
basically the more exhaust components you change, the more noise and burbling you're going to get. I wouldn't buy a sports cat as you'll pass MOT anyway with the pre cat in the manis, and if you don't pass, just keep your old downpipe and swap it, might add 20-30 quid to your MOT, but it's cheaper than the extra for a sports cat.
i'd agree with stamford in saying the 120 probably won't get any gains with a decat, maybe a loss but i don't know, due to it needing the pressure. a decat is best on a turbo car, but it will sound much better, which might be worth it.
we're in the same boat with the 120, you will need to go all out and buy 52mm tb, induction kit and then a nice exhaust system for a gain in power, which wn't be as high as a 180, but you'll notice the difference for sure.
i noticed a difference by removing the rear seats and extra crap from my car i don't need more so than a new exhaust
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