Agreed. Even if it did anything, I doubt you would notice it. You wouldn't be making huge gains or you'd see Banshees running around with no end caps on the silencers.
When I was in your boat, wanted some power but couldn't afford pipes, I got my head milled down, the fly wheel lightend and the timing advanced. Bought a 2:1 and jetted up a little. It added quite a bit of grunt for under $200. It would over heat alot easier due to the restricted exhaust, but I lived with it for a year until I could get my T-5's