That looks nice! Looks very clean, I like it a lot. One of the slickest 201s I've seen.
I did something somewhat like it to my 126. I had the exhaust lopped off right where it begins on the underside of the the car (my euro never had the precat right out of the manifolds), and then I installed a high-flow 2 into 2 cat (carsound --
www.exhaustproslinc.com), left out the kidney resonators completely and used the stock muffler. Sounds gooooood! I recommend this for any 126 owner (you'd have to work around that precat issue though I guess on US cars). Leaving the stock muffler made it not too loud, but if most definitely has a nice ballsy rasp to it esp. if you rap it. It has a little interior resonance, but I like it, gives the car some character, it was a little TOO quiet before. If I've got a V8 I wanna hear it! Also, if you play music, you won't be able to hear anything. The exhaust shop custom bent the whole thing, they did an awesome job and made it look factory.
Something unrelated...did you buy those red taillights or did you use taillight paint?