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Just my personal opinion here, but consider the costs and make a decision as such. At this point I am assuming you don't have personal access to a welder, so there will be a labor charge involved just to have somebody weld things back together.
Hack stock exhaust, remove cat, purchase an X brand muffler. Just for a nice round number, lets say this ends up costing you about $100. It may cost a bit less, but the average price for a 38mm ebay muffler is around 50-60 bucks. and I am estimating a shop would charge you $40 to do said welding. Obviously, if you do have a welder, then this is by far the cheapest route to go. This also constitutes downtime of several hours. You are then left with a low carbon mild steel exhaust that will be prone to rust.
Aftermarket Ebay exhaust.
No, it's not super high quality, but it is still a low grade stainless steel, which if it does corrode can be cleaned up with steel wood and some WD40, then polished again. It's lighter, already comes with a good straight through style muffler, and requires maybe an hour of down time to install. Can be delivered to your door for $129 or less in as little as 3 or 4 days if you find a US based distributor.
Not saying you can't or shouldn't modify the stock exhaust. If that is what you want to do, and you can do the welding work yourself, then go for it. It will definitely be budget friendly in that instance. The second you have to involve somebody else to do any sort of work, specifically welding, the cost effectiveness goes out the window.
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