Expand the can if you want to run the V&H system. It will be the most minimal BS. If you think about it, it's perf'd anyway, it's not like it matters, honestly.
If you go high-mount, your midpipe will be a very, very slight restriction. I think you will notice more gain from the better headers than you would a slightly smaller inner diameter.
Honestly Rob, I think it's a wash either way. If it were me: I would keep the high-pipe (clearance and cool factor) use the V&H header (lighter than factory Bandit anyway) and continue to use the M4 car (sounds wicked and it's light).
Sound reasonable?
-Randy