That TCD system doesn't look at all special to me (but I could be wrong).
If you want to open it up just get a local shop to do it w/ 3" stainless (if they are equipped for it) and polished if you want. The stock muffler may perform better than a short tube, which will be loud- very, without a resonator. There are no performance losses with the stock e34 exhaust (e28 is not quite so good)- if it handles an M88/S38 at full song, a M20 under FI would be no problem.