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It should give u some noticable hp, but I dont know about low end loss. It should work with the stock exhaust, but it works even better with an exhaust.
i noticed a bigger gain in high end with my k&n. i did loose a little low end but nothing drastic. its worth hearing the growling sound it makes when i make my max run.
I just recently had my y-pipe put on with 2&1/4 in. piping. At first I told the guy to take off the cat and damnit it had some power! but it was too noisey and I had to put tha cat back on.