Whatever you do, DO NOT cut the horizontal part that you see in that picture.
That "divider" acts like the final part of the 4-2-1 of the exhaust. You can if you want but you will open up a whole can of worms rejetting and also working around the flatspots when you do. You'll turn it into a 4-1 pipe.
It isn't the same effect as a full exhaust but your slip-on will be noticeably louder after cutting out the reducer. You will also need a good, sharp cold chisel and plenty of Dremel discs because the perforated reducer is very hard as well as welded clamshell-style as part of the final collector. Also make sure to have a grinding stone to smooth out the interior, it's very difficult to get it all out but you can grind out what you can't cut/chisel to make it unnoticeable to the exiting gas.
After this, you'll have to jet accordingly as well, almost to the point of a full system.
My.02$...
I have no dyno proof or even hard empirical evidence to support it but I did it awhile back when I had the exhaust off for shits and giggles. There is a chance you'll lose velocity in the exhaust doing this mod just eyeballing the reducer but you may gain elsewhere. I can guarantee you that you will pick up more bark out of your pipe though.
-Randy