Thank you clherron2000,
You just gave me advice on when to get rid of my Corolla,
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The dual cat design with Rez are about $350. You think the single cat $100 eBay special will slip right in? You got a torch and welder?
“Power loss” is pretty general. It could be anything from a timing belt jumping tooth or bad Mass Air Flow sensor to a new engine. Why don’t you put your OBD II sensor on it and figure out the problem before asking about solutions? If the codes don’t mean much to you, post them here. We’ll be watching for them.
It isn’t showing any codes.
So you’re telling me I’m saving $250. If it takes an additional 4 hours to install the rock gut part I’m earning $62.50/hr. I’ll take that!
A 2004 Corolla uses a timing chain
I would get it diagnosed by a trusted mechanic. You can take it for an inspection and get it tested. And if it indeed needs a new engine get a mechanic to do it. In the end you will save a lot of headaches and time. But it may not need a transmission who knows.
This car doesn’t deserve a new engine
It owes nobody anything and isn’t worth much
A dirt cheap repair is all it deserves at this point, in my opinion
Let’s see link to eBay part.
go for it 
I’m all for cheap repairs that provide years of additional service for “marginal” cars . . . no offense, but that’s exactly what your car is
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Looks functional