I have run my cat Discovery 2 (it was built wrong) on leaded for several years with no problem, they have only just introduced unleaded here. Exhaust just smells funny that is all.
You can get a non cat exhaust system for Discovery 1 because my old Discovery (1996MY) was a non cat one, and this would be the best option and may give a slight power increase. The engine ECU can be told to use a "non cat tune" using a "tune select resistor" in the wiring harness (I'm assuming it is a standard 14CUX 3.9 V8), the resistor is built in to the harness under the drivers side dash (RHD) and there are non-cat low compression, non cat high compression and cat high compression ones I think, maybe others. Simple job to change it and the ECU will then ignore the oxygen sensors and run "open loop".