Here's the offending part:


After taking a few measurements, I realized that the flex pipe is not round. Pipe itself is 3" x 2.5" OD, inlet/outlet is 1.5" x 2.25" OD. I was unable to find an aftermarket piece of flex that was even close to those dimensions, so I know that would also need to replace some of the oval piping.
To top it off, the bolts on the cat didn't look like they were going to come off.

After much searching, I came across a flex "repair" available on ebay. It included the flange, stainless piping and a new section of turbo flex with interlocking liner for only $69.00. Here's how it arrived:


Gasket WAS NOT included. $4.95 @ FCP though. I had plenty on metric stainless from the myriad of exhausts that have been on my Hondas that I could use to replace the rusty galvanized stuff.
I started soaking the cat bolts 4 day earlier with Liquid Wrench Penetrating Oil. Sprayed them nightly and tapped them with a hammer each time. I went out there yesterday morning to start this project and they came off without incident. (2) of the (4) nuts had corroded down to the point that they took a 12mm socket, but that was about the limit of obstacles faced.
With the cat nuts loose, but not removed, I used a sawzall to cut the flex section out just above the hanger. A bit of hand cutting with a hack saw was required due to limited undercar space and the giant, GC grade Dewalt saw. I had to go back and trim an additional 1" off the pipe to get the fit correct.
Cat studs were reuseable, so I left them in. I was prepared to pull them out, drill out the holes and replace the with M8 x 1.25" bolts, but it was below freezing and didn't have it in me. Nuts were replace with stainless 8mm hardware and accompanying washers.

Fit of the replacement flex section was factory-esque.

Ultimately, I'd like to have the joint that's currently clamped sealed up with a weld. I'd also like to add the factory hanger because of where it supports the pipe. I cut it off the old section of pipe and it's shown here just resting in place.

Parts total with shipping was just over $100. That included the Liquid Wrech Penetrating Oil, which IMO, blows PB Blaster out of the water.
Post or PM me with any questions.