With any "system" of deterrence there is none 100% effective stopping highly motivated thieves. In order to better gauge one's own opinion of something like the CatStrap watching a few of their own videos along with what can be found on YouTube might prove interesting.
Cost of deterrence is a minimal concern IF the end result is discouraging the thieves. For myself I'm much more prone to buy something "off the shelf" instead of DIY concocting something that might work---or might not, we'd never know until/unless an attempt is made. I haven't seen a single idea presented on YouTube that doesn't have some vulnerability so it then comes down to which one I believe will be the best protection.
I further believe this CatStrap gizmo is one great way to inconvenience the thieves---I'm sure there are others equally to that task as well.
The CatsEye under-car motion alarm by itself would be quite the deterrent if it were the only degree of protection installed. Because most cat thefts are late at night the loud siren alert would maybe be enough to discourage most thieves----or so I think.
As I've already said about initial cost its a super low consideration IF the purchased parts stop catalytic converter theft. On my 2005 E-350 with TWO of those f'ing things spending up to $600 to save $2K plus downtime it seems a fair cost of prevention.