Don't modify the current mufflers/baffles...you may need them as local and state ordinances tighten up noise and emission standards...you could easily end up having to buy stock replacements and have it inspected to get you off the hook. I would look to Craigslist or E-bay for SE Slipons or even better by the TFI fueler FIRST, for less than $180 and replace the A/C element to K&N about $50 and you have 2/3's of the Stage I done. The exhaust is the most expensive 1/3 going between $350-$600 depending on how crazy you want to go...also delaying will give you time to see and hear it at a meet or show and able to ask questions with rider who has your combo...JMHO of how I would approach Stage I on a budget, your ride you decide. :s
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This is very good advice here. Pay attention to this.
TQ