Hi I've just done this mod to my p2 T.S. Had the last section taken off and a straight through stainless pipe bent to exit the standard place. The local tyre /exhaust place did a very neat job for £100 including a beautiful stainless tailpipe. They were amazed how little diference it made to the noise level. It now has a fruity exhaust note that sounds well both inside and out of the car. The engine seems to rev a little freer at the top of the rev range.
The weight saving alone must make this worthwhile. One caveat - The manager advised me that M.O.T stations are now required to look for Standard exhausts on standard cars,So I have kept the original section in case it needs to be re-fitted for the next test.