Passenger Side Exhaust Flange just behind CAT

So 12 years of winters and road salt have taken it's toll on the passenger side exhaust flange just below the Catalytic Converter. It's developed a small detectable leak. The CAT above it is fine.
Can this flange simply be cut out and a new short pipe section be welded in as a Repair?

I'd hate to spend the money on the entire section with the CAT included or a new Y section.

 

cut the bolts, buy some new ones buy the new gasket for like three or four dollars put it all back together again

 

Yes.

 

The flanges seem salvageable?

 

If the gap is too bad I've used some Black Magic high temp gasket maker before. Let it dry a little so it swells before completely tightening.