exhaust question on 96'

I have a 96 z71 that has four o2 sensors as well the factory converters.  I live in an area that alot of tall grass, "huge fire hazard."  What will happen if i cut the converters off.  The truck has flowmasters.  Will there be a performance, fuel mileage, or driveability issue if i chop them off?  

You'll probably lose a little low-end torque. Most newer engines are designed to operate with a little back-pressure. Fuel economy will probably be a wash. It'll probably also be a little louder.