You can, and will lose HP/Torque with the wrong setup with exhaust. Not having cats/mufflers you may pick up peak HP #'s, but across the board you might lose some, and torque will typically go down as well. More often than not its not worth gaining 5 peak HP, when you lose 10-15 in certain rpm ranges.
Typically on a stock/ish 2V youre best bet is going to be a catless mid pipe, with a muffler setup like MAC's, Borla, Bassani etc.