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Replacing the cat should be really straight forward as its just a sleeve. If you can get hold of a standard cat it's a 10 minute job providing the exhaust hasn't been modified in any way, should reduce the noise levels too!
Plenty of parts for sale in the classified section. Pay the £12...
Should definitely get yourself a Silicone elbow rather than the standard one. Strut brace would look nice but might be a bit too much in a polished finish.
Wheels were curbed and corroded, front tyres were low on tread, rear discs were seriously lipped, few marks and parking dents, generally flat looking paint (Would look a lot better after a good mop) belts needed replacing along with a service. That's a good £1,000 easy so by time you have sorted...
I went to look at that 197 with the other half. No belt change and its tired looking, walked away as it needs a good £1000's worth of work so might as well buy a tidy car and add the extra £1K to your budget. Its been for sale for months.
The ST is a great all round car and plenty quick enough to have some good fun in. To answer your question however the 182 is a fair bit quicker in a straight line.