Not sure about the specific set-up you are asking about?
Are you talking OEM pipe to a single-in/dual-out muffler?
If so, lots of folks have done that. I did it on my 2000 and my 2005.
As far as volume, it all depends on the muffler. My 2000 had a MelloTone and it was fairly quiet but loud enough to have a little "rumble" - it was clear from listening it wasn't factory exhaust.
My 2005 has a Flowmaster and it is a LOT louder than my 2000 was. Really almost too loud fro my likes.
I didn't notice any change in gas mileage on either.
Now, if you are asking about fabing a new system from the cats all the way back to a dual-in / dual-out muffler, I can't help you any.
Honestly, I wouldn't spend the money on that even if I had it to spend. I don't expect you'd see any increase in performance, and you MIGHT see a decrease.
Exhaust gas flow is a science, but (IMHO) I believe you can screw up by letting the exhaust gas flow TOO freely. It is NOT - based on lots of reading on my part - a matter of backpressure. It IS a matter of exhaust gas velocity. If you get the pipes too big the exhaust gas velocity drops and it starts to effect things like scavenging and pulses.
I'd suggest a SI/DO muffler and pipes out the back.
FWIW, I smashed the chrome tips on the 2000 model hauling a dozen kids through the woods going to play paintball. I took the Sawzall to the tips and likeed the clean look of no visible exhaust pipes (they stopped just before the bumper).
best of luck and let us know what you decide.