As mentioned above, you need some backpressure to generate torque at low rpms. Putting a dual outlet muffler on a single pipe system will drop your backpressure some (not sure how much, but it will drop), but not nearly as much as going with true duals.
My question is why do you want to do this? If you're looking for more power on the highway at speed, it will probably help a little at the expense of some low end torque. If you want to do it for the "look" of duals, that's your choice and go ahead and do it.