Ignoring all the naysayers, I put a cat in my Z 7 years ago (sorry, I couldn't find any good pictures of the location). I have no regrets doing it. No, I don't have before and after emissions test. However, I also have no complaints about exhaust fumes in the car, and everyone who rides in it comments on how civilized it is. That could just be because my Z is fuel injected, and I've tuned it pretty well, and the previous exhaust system was rather leaky. But, even if it does nothing, for $100 and a couple of horsepower, it's such a tiny investment, that it was worth it to try. And despite road racing, and drag racing, and some tuning mishaps, I've yet to melt it.
A friend of mine had a cat put on his Z with triple Webbers, and he swears that it made all the difference in the world in his Z. I'd have to agree that it doesn't smell like a refinery in his car now. Another friend tried a cat in his Z with twin SU's, but I don't think he had as much luck.
Theory isn't always everything. Try one out and see if it works for you. Again, it's such a small investment, that you don't have much to loose if it doesn't work, and others have had success with them.
Nigel
'73 240ZT