VERY nice work!!!! Seriously, the best simple fab I have seen in quite some time! <img src="/forums/images/graemlins/kewl.gif" alt="" />

Improved clearance, better protection for the exhaust... makes sense! That new cat may even net you better smog numbers, too!

One thing, though, do you have a stiffening rib in that low-profile tranny x-member? Quarter-inch stock might bend under a heavy boulder hit, especially if weighted by the mass of your vehicle.

You might be able to use a button-head hex bolt to minimize the head hang-down, but I'd worry about buggering up the hole enough so that disassembly would be tough. Not a big deal if you have a welder and can burn a nut onto the button-head to facilitate removal... yeah, you'd need a new fastener, but that's a low-cycle fastener, IMHO.
Otherwise, you could also weld short pipe sections around the bolt heads. Something like has been done to protect this valve stem:
I like the button-heads, though, since they'd slide more easily over the rocks. Welding pipe to the bottoms would sorta be like adding traction lugs to something you want to slide, not grab.

Seriously, tho -- nice work on rerouting the exhaust!

Randii