I have a loose heat shield on my cat - it rattles like an old VW until it warms up. Might be a loose catalytic matrix as well, but I'd put a few sheet metal screws in the heat shield before destroying or replacing the converter.
There were three lubricants spec'ed for the e30 tranny from what I've seen. Look at the passenger side of the tranny for a label. Please double check these, but IIRC:
No label, 75w90 gear oil.
ATF label, use Dexron II (make sure it has no extreme high-pressure additives like Dexron IV, they'll wear out the phosphor/bronze synchros).
Special label, use the OEM BMW lubricant by Castrol.
Despite having said all that, I've tried a few different lubes - first was the ATF that came with the car. Worked just fine. I changed it with some full synthetic 75w90 gear oil in my tranny though it was spec'ed for ATF. Stiff shifting, grinding, took time to warm up. Once I went back to ATF, the car magically began to shift well.