I let the oil leak on my 3.2 liter M104 go for a long time and the leak was real bad.

My exhaust manifold, catalytic converter and whole tail pipe was covered in oil, and it never caught on fire.

I don't think there is any risk of fire as many cars have oil leaks that cover the exhaust manifold, and even the engine block, which gets just as hot, if not hotter, than the cat.

I can suggest that if your cat gets soaked in oil, like mine was, it will ruin it.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".