I think it will be quite a bit louder.
On my old 4ac powered wagon, i took off the rear muffler to weld a new tip on. I drove to work with just the resonator and exhaust ending before the diff, it was hell loud. Plus it seemed to be slower with only half the exhaust.

On the other hand now i have a 4agte with only a cat and large resonator running into a straight 2.75" pipe under the diff to the back. This isnt quite as loud, but is still quite loud. I havent been pulled over yet though. Id be curious what it would sound like with a muffler in the place of the resonator..