lack of power/hot catalytic converter

cut out the cat

or replace it... but it definitely sounds like the problem.

Thanks. Someone else suggested the same. So now (perhaps) a bigger question: what's causing the catalytic converter to overheat? The overheating cat is a symptom of what?

it's an 88... could be time for a new cat. it happens. You might be running rich but with the 22re this probably isn't the case. check your plugs for signs. Maybe even change your plugs...