Alot of the vacuum lines and goofy switches on the engine are not emission control. Alot of them are for drivability. (Like cold weather starting, high altitude operation, hot weather operation), drivability, to ensure your vehicle doesn't stall, hesitate, fail to start, run on...etc. Alot of people rip all the stuff off and wonder why they can't get thier car to run properly, or why it has run-on, or why is stumbles when it's hot...etc...etc.etc. In a tempered climate it's alot of less of a blow as you can tune it, and since temp doesn't vary so much, it's not a problem. In northern or hilly area, watch out...your car won't run right unless your turning screws every time the humidity changes.
It will yield slightly better performance under certain conditions, but all in all, it's not a good idea IMHO. The old cats are nasty, but if you replace the cat with a modern day style ($100), those are much less performance intrusive.
Other than that, the rest of the stuff is fairly trivial.