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I'd wait and see if code comes back. May have been something other than cats that tripped that code (lots of things can do it).

As for options, I went OEM but did so primarily because I was still under Federal Emissions warranty (up to 80K miles). I see you have an '00 beast so I'm guessing you're beyond the 80K limit. I think the cats are about $1700 each from BMW. I don't know of any other alternatives aside from race cats (Supersprint, Magnaflow). Try a search and see if anything else comes up.

OEM part #s are:
18301406812 and 18301406813

Crown BMW parts has them for $1695.33 each
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