My best friend has a 2001 Dakota 4.7 with a SPinTech Sportsman muffler and dual 2.25 tails. It sounds very nice, and it's pretty loud. I'd compare it to a FLowmaster 40 series. It doesn't drone much, and its not noisy. I hear him drive by my home all the time and it sounds very nice.
I would do a cut out. But I drove my truck for a while without a muffler totally and I didn't think it sounded very good. I thought it sounded pretty crappy actually. It's a 4.7 and it doesn't sound very good without the muff.