exhaust system part
 

During a violent windstorm, a thin piece of sheet metal covering the center section of the exhaust on my '88 300e blew off. the exposed part is solid (possibly the catalytic converter?)..is the cover necessary? it seemed to only cover the bottom.

Some wind storm! Sounds like the heat shield for the catalytic converter. Helps prevent the dry grass from igniting when you park while off-roading. ;)

Don't know where your cat is in relation to your transmission, BUT if it is close, try to get a shield there. 90% of transmission failures are from overheating. Heat from a cat can dry out the seals.