Had this PE mod done today. I only had the three big holes closed up and left the small perforated pipe alone. Everything else stock: stock downpipe, stock mid pipe resonator, and the exhaust valve still plugged in.
Turns out this is a very tame volume increase. Just enough to finally hear the exhaust but not at all obnoxious. I was worried that it might be too loud but it's very very civilized. I may even delete the resonator in the future. Leaving the valve in place, the car is basically stock during gentle driving. But give it some hard throttle and the valve opens up and the exhaust sings. I can even hear a little bit of burbles and pops now. I may try the "golf-tee" mod in the future to keep the exhaust valve open all the time.
Anyway, thanks to the OP and all that contributed to this thread. It's a great alternative to aftermarket axelbacks and catless downpipes.