Right on. If you do go with a catless UP and no EM, all you need is a "the resistor mod" to make the UP EGT CEL go away. The resistor simply fools the ECU into thinking the EGT is there and registering an acceptable value (temperature). It's easy to install and super cheap too.
But, if you don't already have one, I'd install a boost gauge (even if you can only afford a mechanical autometer or something) to ensure you don't have any boost spiking, or atleast research to make sure running a catless UP with no EM is cool. I'd guess it'd be fine and you'll see faster spool.