I have the same kit as well and the exhaust IMO is marginally more restrictive than stock. I say this because all the bends are mandrel bent and shaped similar to the bends that go over the axle (loosely speaking and similar number of bends) and I do get some drone and NVH at 1800-2000 rpms but no issues with scraping (exhaust tips being the lowest part of the exhaust system). Now the big difference between our setups is the LT's, heads, and cams. Cant comment on sound because I use the stock manifolds, heads, and cams for now and they don't seem that loud to me. I have definitely heard louder axle backs. I would never recommend running these cars (esp side exhaust) without the CATs but IMO the car appears louder as the exhaust exits closer to your ears..... I love it and I don't even set any alarms off with start up and I love scaring the hell out of the vettes and porshes etc. when I pass by them. I believe that most mustangs were not made to have side exhaust and Cervinis was the only one that dared do it with the S197.....notice that Roush doesn't offer it for the S197's..... just not enough interest and too much money and R&D to make the exhaust's work under the car for profit. My mufflers are magnaflow.... I assume yours are the same and they are a straight thru design so like the old cherry bomb glasspacks they by nature are loud. I would not change anything except to get LT's.....but thats JMO...
Quiksilver---- love the car! Looks mean and one of a kind!