The EFI system adjusts the fuel trim based on the values returned by the O2 sensor. Cleaning an O2 sensor, while possible, is likely not to be completely effective, and could do more harm than good.
If fuel pressure is OK, then replace the O2 sensor. It couldn't hurt to run a bottle of fuel system cleaner (Techron) through the system before doing so. The plugs on my Z8 were fine last time I pulled them, so the EFI and fuel injectors are doing a proper job.
Removing the CAT isn't going to get you anything and could potentially have a negative impact engine efficiency depending on the EFI map and exhaust tuning.