Should I do a Cat delete on '75 Duster

It also happens to suffer a 50hp drop from previous years of the same exact motor.

No, there was a 5- to 10-horse drop in published rating for '75 (105 in '74…100 for the Federal '75, 95 for the California '75). If you're basing on the pre-'72 "145 hp" rating, be aware that number was artificially inflated due to the gross HP rating system in use before '72; see here.

Could I do a Cat delete

Not legally, but yes, you could.

and get some of this lost power back?

You won't gain anywhere near so much as you're hoping, unless your cat is clogged—which it very well might be; non-feedback fuel systems and catalytic converters were never a happy marriage.