Can I disable the catalytic converter sensor on my wife's car?

Since the light is on except when there is no problem, your only option for getting rid of the light is some black tape over the lamp. The problem with that and with ignoring the light is that you will never know when it is telling you of a more serious pending problem that could become more serious.

Frankly why just put it off. You could just fix it.

Note: the legal issue varies from one state to another so advice you are given may well work in the state the advice giver is from but not maybe your home state.

A Flashing CEL means you should pull off that road at the first safe area. Failure to do so can result in serious engine damage and/or possible sudden loss of power. Do you want to risk your wife having her engine suddenly stop without warring?? Got a good life insurance policy on your wife?