Here's what I did with our '99 GS exhaust-wise, back when I had it:
-- 3" downpipe (custom fab'd by a muffler shop in Oceanside, CA)
-- The after-cat "u=bend" was taken out and replaced with 3" tubing (the O2 sensor had to be reclocked & new bung welded on to accommodate this change) and the heavy center resonator was removed & tossed into a dumpster.
-- the 3" tubing continued to about 4" or so from the rear axle, where we then went to 2.5" tubing all the way into the stock muffler (the OEM tubing was cut flush with the muffler case, the inlet opened a little bit, then the new tubing welded on.)
EDIT: As I recall, the DP was about $120 to fabricate, and the tubing replacement/u-bend & resonator removal was $80.
Result: a really nice idle burble, not very loud at all at cruise, and quite a bit more "authoritative" at WOT. My wife used to beat up on Mustangs with it all the time on her commutes to/from work. The car went 14 flat at 100 at our local slip-n-side track AKA California Dragway in Fontana CA with the aforementioned exhaust, 3.25" pulley w/Gatorback belt, 160 t-stat, NO computer retune, and a K&N.
Quick note: two really nice & cheap handling mods I did that you may want to contemplate were as follows:
(1) I obtained an additional front strut tower brace kit for a '99 GS (about $10), modified the brace and mounted it between the strut towers in the trunk. This tightened up the rear end quite a bit. Note that the '99 GSs came with the front strut tower brace from the factory, but I don't think that 02's did. However, I think the 02's have the provision to install one without too much trouble.
(2) I replaced both F&R sway bars with the sway bars from a 2000 Police Package Impala. I don't have the part numbers any more seeing as I sold the car in 2002, but I seem to remember the rear bar costing less than $40, the front bar was about $60, the front bushings about $12, and I'm pretty sure I was able to reuse the F&R sway bar mounting brackets. I even left the part number & green-colored inspection stickers on the bars so that when the car was on a lift, it still looked stock.
EDIT: This change made the car feel much more sure-footed, especially in quick lane change situations.
At any rate, sorry for rambling.