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I've seen/heard a road race track SHO using an electric bypass with side exit and no mufflers, and it is for track only, not streetable Think of a mambo chain saw on steroids.
I actually ran my car without mufflers for a while, with a larger resonator that came with the car. Cats were stock but I sure enjoyed the sound. It wasn't extremely loud, but it did gain a bit in the rasp department.