I heard the down pipe story on my rodeo as well just before I shipped my truck from Rhode Island to the tune of $200-$600, I moved out west and ran down to two days to get it smogged in california or I would be running from the law on RI plates.

Took it to a local custom shop to hear it on a lift, and ended up replacing the flex pipe for $35, and two beers. There is a flexible pipe with braided wire mesh after the cats and cross pipes in the middle which takes the brunt of the corosion and is easily replaced. Mine was dripping black goo when I looked at it.