I had stock Mustang headers (2.25" collector), free-flowing Catco catalytic converters (two), H-pipe, and Flowmaster 3-chamber mufflers plumbed with 2.5" piping and it sounds REALLY good. There's hardly any sound at idle and normal driving, but when I mash it, that's when the sound comes through... but it's still not at all obnoxious.
I'm now running FRPP shorty headers (2.5" collector), but I haven't ran it again, yet. However, when I DO run it, I won't be a good point of reference because I'm gonna have nearly twice your horsepower.