The thing about hacking off the mufflers on these cars (at least the Gen 1 non LSCs) is that it's still fairly quiet. Last year my friend did exactly what MrWilson did and it's quieter than my ETC with Magnaflows.
Inspired by this thread, the fact that I was going to do some racing this evening, and the knowlege that it doesn't make the car too much louder, I went ahead and hacked the mufflers off my 94 today. It was on a whim at about 8, so there are no tips - doesn't look much different since the stock turndown tips are hard to see. I don't think I'll even bother adding tips until I do a full exhaust and cut a nice curved space for them in the bumper cover.