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If you KNOW that the converter IS the problem then 'yes' it should be replaced. To continue to run with it in this condition will result in eventual damage to the engine. If you can find one at an auto salvage yard it would be your cheapest fix, with the understanding that you are buying a "pig in a poke" and the one you buy there might be just as bad, or nearly as bad, as the one you're replacing. ON THE OTHER HAND - it has been known for people with this problem to simply remove the faulty converter and replace it with a length of exhaust pipe. CAUTION: This should be a 'temporary' fix only, as it is illegal in most, if not all, states to tamper with the components of the emission control system.

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