What do you mean "cut the mufflers"? Do you mean, go straight pipes from the H-pipe back? 97 Snakedriver is right. There won't be any noticeable gain in performance if thats what your intentions are. It will be louder, but I don't know if it will sound better.
If you want to reduce the restriction of the factory exhaust for more power, the best thing to do is replace that power sucking 6-cat H-pipe, which will also improve the sound. Not a free or cheap mod(not too expensive, either), like cutting the factory pipes, but definitely worth the money.
As far as your gears, it sounds to me like you have 3.27's. I just replaced my factory 2.73's with FMS 3.73's. RPM's were as follows:
2.73's - 5th gear, 70mph, approx. 1900 rpm
3.73's - 5th gear, 70mph, approx. 2300rpm
Yours is right in the middle. I'd have to say 3.27's.
Welcome to the forum! You will learn a lot about your car here. Don't be afraid to ask as many questions as you need. There are plenty of helpful people here who have been in the same position as you, and are eager to provide you with good info.
Good Luck
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'96 GT
5-speed,K&N air filter,Roush Cold Air kit,80mm MAF,Mac Cat-Back,Mac Pro Chamber H-Pipe, FMS 3.73's, FMS 70mm TB, Steeda Tri-ax
T-Bone's '96 GT