You could, but horsepower-wise you would be better served by replacing the restrictive Y pipe collector from the two cylinder banks and using a single exhaust out the back. With a 4.7L you can run a 3" single, with a good muffler, or 2.25" duals. These are the ideal pipe sizes. Muffler flavor kind of varies. You can likely search here and find several sound clips. You might check airram.com and exhaustdepot.net for exhaust parts/systems.
Going from a single to duals means you need to use smaller pipes, because using the same size lowers the exhaust gas velocity, exactly what you DONT want. Search around and you can find a gold mine of info. Welcome to DT.
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