I know this is a older post,but, Same issue's went to tim's shop, bolted on a known good cat,
Passed smog with great numbers, new o2 sensor a few years back, and a minor tweak of the air flow meter door and it passed with great numbers.
there is also a article on I believe clarks garage on testing your O2 sensor with a multimeter to see if it is functioning,
May have to Google for that one as I can't remember where I found it.
so, test the 02 sensor or replace,(I used the cheaper splice in one), and let tim loan you a known good cat,
then, if you pass, replace your cat, and you will be good for a while, Tim will also take a look at your car while you are there and let you know if there are any other issues that need dealt with,
I don't know anyone more passionate about these cars then Tim, My car runs extremely well.
Also, Tim did a valve job and new Belts and other Maintenance on my almost 300,000 mile 944,
Well tuned 944's run very well.