punch hole in the exhaust pipe and put an insert for an o2 sensor?

I have an 03 Mitsubishi lancer 2.0 4cyl and was wonder if I can punch my own hole in the exhaust pipe and put an insert for an o2 sensor in it as long as its before the catalyst.

I stripped the downstream sensor with my sensor socket and was going to buy a new catalyst for it too and was thinking the hole for the o2 sensor was on the catalyst and i was wrong and was wondering if i could make my own hole in the exhaust pipe and put a thread insert to screw my sensor into in the pipe. as long as its before the catalyst.