And the exhaust leak is at the bottom of the muffler. Where the pipe exits almost. So with it being AFTER the cats would that still cause it to act up? It's a leak but not a very big one. Big enough to hear though.

Any external oil leak will not cause a cel. The best way to check it is with a scanner to see what the o2s are doing. Like some one else stated if the front and rear o2 are cycling at the same rate your cat is not doing its job. And will need to be replaced

That's what I thought. Never used an O2 sensor scanner, if that's what you call it. Can you rent those at parts houses?

No you can't get a scanner to borrow. You would have to take it to a shop to get that done. I suggest the heat tested as I mentioned earlier.

If you have tons of power, running rich, and poor fuel economy, you probably have an air leak or a problem with the O2 sensors. If you are lacking power, then you may have a problem with the cats being plugged. I would forget about P0432 for the time being and fix the rich/fuel economy issue. P0432 can take a couple of days or 500 miles to come back on after its been reset. If you fix the rich problem, any sooty plugs should clean up after a few hundred mils on the highway. My CEL came on for this code back around 100,000 miles and burned out at 260,000. I still have the factory exhaust and the Jeep runs great. I even ran it through an emissions testing center a few years ago and emissions were low (passing). If once your fuel economy is improved, no air leaks, etc. and you still have P0432 then you probably need new mini-cats. Make sure your manifold bolts (there are 11 IIRC, 4 you can't see on the bottom of the manifold) and all the exhaust bolts are tight.