Here's a video showing how a shop deleted the stock muffler and made a 'Y' pipe to put the tips in the original location.
It is one of the few videos showing the entire exhaust system.
If the muffler delete is too loud for you, you can certainly put a single Magnaflow/Borla/Any round 'can' muffler in that straight pipe.
It would cost about 1/2 of what that Magnaflow system with round tips that you are thinking of cutting up.