If you're doing it just to do it... more power to you. It's your rig, and you're the one that has to be happy with it, not us.
That said - you will likely loose performance. If you're interested in performance, go with a 2" or 2 1/4" exhaust piping, dug thorley header, and high-flow cat. It'll sound deeper / richer & allow enough air flow to get more power (mostly high RPM), but maintain enough backpressure to keep the bottom end torque needed for slower wheeling.