Do you think H pipe plus no cats is much louder than headers and Ford racing exhaust? The tuner I am talking to says yes. MUCH yes.
By "Ford racing exhaust," do you mean the Borla/FRPP muffler?
If yes, then I think no cats + H-pipe will be louder. The Borla/FRPP muffler with long tube headers mutes the noise at idle, light throttle, steady throttle. However, open the throttle and it is LOUD. It sounds like there is no muffler. Like you might expect a valved muffler to sound. I think the Borla/FRPP muffler takes out some of the rasp of a rear exit header system and adds a bit of baritone/bass.
No cats + H-pipe would not have anything to quiet the exhaust except for the minor effect of the cast iron manifolds. I have not heard this particular setup, but that is why I think it would be louder.
The Borla pipes are pricey. Why not just gut the cats? If you want to be able to return to stock someday, I'm sure there are tons of cat pipes in forum members garages. I'll sell you mine for less than the cost of the Borla pipes.