One small problem with the weld on "Bung" from Jegs.
It will no allow the 02 sensor to protrude into the converter deep
enough.
In other words the sensor would be half covered up before it even gets
into the converter, and won't get a proper reading from the exhaust
mixture.
The old stripped out 02 thread section of the converter will have to be
cut out and removed , then this bung will have to be installed flush
with the outside of the converter cannister ( as the original is) then
welded up.
Ever welded anything to 15 year old  sheet metal?
Be prepared to blowing a bunch of holes in and around this replacement
thread insert section.
It's called "air welding" ( welding blown out air holes )

RC