Old thread,but Congrats for using the search function and keeping things easier for future searchers by not clogging up the search function.
Now to answer your question...
Yes you can drill through the nice shinny chrome cap,But it will be perceived to some as a Hack-Job. Especially on a Busa. My advice is buy a $20-30 Dremel or borrow one. You will find the Dremel has as many uses as an Hammer around the house.
1. Dremel cut the welds only on bolts with a cutting wheel. Don't go crazy here only take little bit off at time. Take your time.
2. Drill hole in plate underneath like showed previously in this thread. Amount of holes you drill is solely up to you. As long as you have material to put the chrome cap back on you fine. Drill equal amounts of holes between bolts. You can always put cap on and check the sound and decide if you want another set of holes. So start out with 1-2 holes between bolts.
3. Put it back together. Throw some loc-tite on the bolts you will be reusing. (TIP- Try to remember which bolt came from where. It will help lining up the cut parts and look cleaner)
Optional...
Remove the can and drill holes in other side. However you will need a really long Drill bit. I had a Stump bit(18" to 2' long) laying around and it worked great. Reason I saying you need long bit is because there is 9-12"'s between the inlet side of the can and the internal plate needing drilled. When you have the can off be sure to work with them on a towel or something similar so as not to scratch the can.
How does it sound with both as opposed to just the outlet side? That I can't tell you. They do have a nice sound to them though. Not regrets doing it.
Didn't notice any Gain in HP other then the illusion because of the smile I had when I rode her after doing this Mod.
Good Luck!