Would just gutting the emissions stuff do the same instead of paying $500 for just a muffler?
I would say no. It would hurt performance, and still may not perform as well as it could even with a good tune.
Reason being, the catalytic converter goes from an exhaust restiction to an empty hole, which is much larger than the i.d of the pipe. Then it chokes back down into the smaller exhaust pipe again and into whatever muffler you have.
I gutted the converter on my gen2 shortly after I bought it(it was cooking my feet, I wasn't trying to gain any hp).
As I expexted the bike became very sluggish on the bottom end. After I installed a full dual Akrapovic the throttle response became better than stock. The bike runs better than stock(even untuned, even though I know it needs one).
You could actually feel that back pressure had to build in the empty converter before the bike picked up.
My friends did the same to their 07 and 09 zx10s. Those converters are much smaller than the Busa's and the effect was not as bad, but still noticeable. The 09 was dyno'd that way with a slipon and made 178hp(don't remember tq) and the power curve is smooth throughout the entire rpm range. It's anyone's guess as to if it would have made a few more hp with a full exhaust. He's happy with it.
It's all about how well you want it to perform and how much you want to spend.