no, it shouldn't cause any issues if you are cutting where you describe. just don't, you know, cut the cat off or the second O2 sensor..
If you are gonna be welding the tip back on, thats some work.
If your gonna do some work, just take it to a universal muffler and exhaust shop. You should be able to get a custom cat-back exhaust system for your nice v8 around $300. It just wont have some lame laser etched logo on it. You could possibly just have them bend piping for you to weld on.
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