It got me wondering...how would I go about doing code-coverage and profiling on a Catalyst application?

The coverage part should be quite easy: write your tests, write a Buil.PL for and then run perl Build.pl; ./Build testcover (I don't know if the default Makefile.PL has the testcover target).

If you configure your catalyst app as shown in Catalyst::Manual::Tutorial the debugging output shows timing informations for different request stages - not a full profile, but still very useful.