Is a "core bit" the same as a "hole saw", extension required?
A core bit is not a hole saw. The material the cat is made out of has a webbed composition that will tare and make a mess if you use a hole saw. A hole saw will also likely kick back and could do serious damage to the header. The cutting surface of the core bit is smooth with a flat carbide or diamond surface. It is designed to cut through just about anything without destroying it. It creates a smooth surface as it cuts.
Did you drill the cat with the header on the bike? Were you able to access both sides of the cat area? Do you think it's all out?
I did this while the headers were on the bike. You only need to pull the right muffler, which is a piece of cake.
The 2-1-2 exhaust initially combines just ahead of the cat. The cat fills the chamber where the two meet and flow into one opening. The 90 degree crossover that splits some of the exhaust over to the left side is after the cat. The pic below is as good as I can get. There's a small amount of the cat material that remains, but the bit cored a hole the exact inner diameter of each exhaust pipe. It doesn't seem to be an issue since both pipes have a straight shot out and they don't fire at the same time.