I've got a magnaflow High flow Cat on order, It will be another week or 2 before it comes in.
My old cat was plugged big time, when I removed it there was a huge increase in power. I have two O2 sensors, one either side of the cat, My jeep ran well for a while, then started giving me problems which I still can't sort out. So I am going to put in the high flow and replace the O2 sensors. I have never replaced the sensors before So it's probably time any way.
Since your jeep only has the one upstream O2 sensor I'm guessing you will probably be ok without it.