yup, computer controlled fuel systems and ignition systems have done more for the environment than their bolt-on mechanical counter parts of the 70s and early 80s. Not only that but the engineers over the years have come to the realization that if it flows better it'll perform better, and as a net result they get better volumetric efficiency and better combustion which leads to more performance and better fuel efficiency.
If you're dead set on equipping your cars with cats, EGR & Gulp valves, and Smog pump, it would be a wise decision to also modify the cylinder heads on these engines to improve intake and exhaust flow, and even possibly the combustion chamber to improve combustion. Then take it one step further and utilize fuel injection and electronic ignition.