Here is what I have found out. I reamed the inside of the cats out. that fixed the red hot exhaust pipe issue but did not solve the loss of power.
Took it to the shop and they diagnosed that it was the ECM. the car was running too rich.
My question is: Is it as simple as buying a used or reman. ECM and unplugging the old and replacing with the new? Is there any programming needed for it to work. The shop quoted me $750 parts and labor. I have found them anywhere from $200 - $400.
Thanks for all the help --- I love this car!!!