What do you mean "where the second cat is"...are you talking about removing the second cat and placing this in there, or somehow putting it before the second cat?
The reason why I ask is because the stock cat-back exhaust isn't restrictive enough to where this would make a huge difference over just replacing the stock second cat with a straight pipe. Now, if you were going to keep the second cat on for emissions/sound and have the cutout before that, I could see some power gains, but probably not a whole lot (basing this on gains seen by replacing the 2nd cat section with a test pipe, which is basically what you'd be doing). Not trying to crap on your idea, but just want to make sure you think about that before you spend the money. You would also need to make sure you have a pipe connected to the dump (if you did this) so that you wouldn't start burning/melting the stuff under your car with the hot exhaust gasses.