Hi guys,
I have a 2008 lr3 4.4 v8 with 78k miles.
I had the yellow light of engine failure on for a catalytic issue (unfortunately I didn't have the code).

The light disappeared itself after 2 days.
The dealer told me my catalytic converters are getting old and I have to replace both of them in a while.

As I am in the Caribbean they told me no 8 years – 80k miles warranty. IS IT TRUE?

First question is: should I fix the problem or wait and see if the error comes up again?
I understood that having a catalytic converter that doesn’t work properly could result only in a reduction in efficiency.

Replacing catalytic converters is too expensive and the muffler shop gave me two options:
1) WASH the catalytic with some chemicals and put them back
2) REMOVE

1) I am not sure if washing really works. Online there are divergent opinions. Cost: 180 USD
2) Removing cats and replacing with a straight pipe looks to improve efficiency, performance and sound. NO regulations issues about emissions here. Cost: 270 USD.
The problem seems to be the engine failure light. Someone says it will always be on (which pisses me on). Other says that moving the O2 sensor and reprogramming it solves the problem of the engine failure light.

What do you suggest?

Thank you in advance