When I had less money than most high school kids, all my mods were done at minimal cost. I did what you're asking, and removed the stock muffler (big, heavy, restrictive), and ran the stock exhaust system with straight pipes. I gutted the cat too. I went to a local muffler shop, gave them $50, and they cut off my muffler, welded on two stock location exit pipes, and vioala! Instant HP gain, with a unique sound. Back then, I drove the car daily, and had no problems with the sound. Yes, it's a little loud, but, it was still more quiet than my TR w/ 3" Flowmasters, and cost a fraction of what any other catback system would.
So, if money is the issue, then I would say "yes" do it. You won't be disappointed in the "bang-for-the-buck". You'll here the turbo spooling in the exhaust, with an interesting twill that will raise eye-brows, but not necessarily make cops hunt you down.
However, if you have a little spare change, I highly recommend the Hooker Catback w/ Aerochambers. It's around $300, sounds very cool, and performs well! It also doesn't resonate and vibrate the fillings out of your teeth, like many of the 3" systems do. IMO, it's the best "affordable system" out there.
ATR stuff is great, but it comes with a cost...