I tried it but it did my head in - too loud! I'm running a 4" turbo back system with 2 'Hurricane' mufflers now.
If you have the Ford Australia turbo downpipe fitted you could delete the muffler. Any good exhaust shop could do it - they just make up a 3.5 inch diameter 'muffler delete' pipe.
No adverse knock-on affects on the engine/turbo from this that I'm aware of - in fact it would be an improvement as your EGT should drop with the removal a slight restriction. The problem is that the main restriction is the FA 2.5 inch downpipe which sits between the 3.5in turbo outlet and the stock 3.5in exhaust!