Chris, youi have two big problems to dance around, regardless of the AFR.
1. If a cat does nothing, then where's the exothermal reaction that's liberating the substantial amount of heat? Could it be the catalytically-encouraged oxidation of the unburnt poo coming out of the port? Sure looks like it.
2. If a cat does nothing, do you not think that CARB and EPA would have picked up on that real quick?
Trying to get past the truthiness thing here, even when you're pizz-revving an engine in the garage, and it's misfiring noticeably, what's to stop the cat from getting the unused air and hydrocarbons to react, even if in part, which would reduce nasty-crap POM emissions?
When you're running closer to 12.5/1 AFR a cat should make major inroads into the poo-effluent.
Some mfgs (e.g. Tanaka in their 260pf saw) take further measures to reduce the amount of unburnt hydrocarbons that would have to be dealt with by the cat, partly to keep its temp lower and avoid damaging it. (Again, problem 1, above.)
IOW, I hope you see why I'm not buying it, and why "Abandon hope all ye who enter here" does not apply.