Yep, other than throwing a bit more garbage into the air, you should be fine. Nearly always means the cat is just done, so long as you noted no drive-ability/performance issues, likely just due to normal wear. If it failed under 100k I’d suspect it was perhaps in need of an o2 sensor, or otherwise a diagnosis for premature failure (usually due to rich condition).
Heard at least one recover it from just detergent and water(hot at start I believe), so long as the substrates are intact, mix it around a bit when you can, let it soak for a day. Not sure how long it’ll last, but even another 20k would be awesome. Really unless you’re dead broke for a time, best to just wait, spend the money on a replacement, and only have to mess with it once IMO. Usually find direct fits after-market that aren’t much over $200 for anything but euro vehicles. Just get one that actually stands behind it for more than a short duration.
If you have any concerns you could just verify the fuel trims, make sure they aren’t too far off, but 160k+ is a good run on the original cat.
http://www.autotap.com/techlibrary/catalytic_converters_and_o2_sensors.asp
If the problem may cause emissions to exceed 1.5 times the federal limit, the Malfunction Indicator Lamp (MIL) will come on and the PCM will log a diagnostic trouble code for “catalyst is below threshold efficiency” (P0420, P0421, P0422, P0430, P0431 or P0432). The bottom line here is you have a bad converter — unless the problem is something else like a bad oxygen sensor or open fuel feedback control loop.