If you really want to get rid of your catalytic converter, replace it with a straight piece of pipe and sell the catalytic converter to a scrapper. They get good money these days. They are loaded with precious metals.
Now, having said that, what you suggest would not get you any money because the broken up pieces of the innards are hard to put a value on for metal recovery.
To answer the original question, yes, you can gut the converter, but doing so is a violation of federal law. BUT, it IS your truck, and you are free to do with it as you please. As far as I know, the only place they would check it is on an emission test - but you said you don't have that.
If you have a downstream oxygen sensor, it will light up the check engine light. If not, it will not notice it. Unless your cat is partly blocked, you will not get any significant amount of extra power or fuel mileage improvement.
Also, as already posted, it will devalue your truck. Those cats are expensive. If you are just going to run it until it dies, it makes no difference in value except for scrap value.
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