I'm actually in process of removing the resonator on my 95' E320. The welds rusted completely out coming from the converter.
SO... I baought a new converter at 0'r eily's for $90 (I live in Wisconsin), a "Y" pipe to the muffler, and some straight pipe. I made sure to get some manafold spray paint as well for corrosion control.
Fingers crossed that it all fits nicely...