I have run 1196rwhp through 2x2.5, but I also had a 5" electric cutout from the turbo downpipe that dumped out the front bumper. You could feel a major difference in how fast the turbo spooled, but this also helped retain street manners. That, and my '14 GT500 had a 2x2.75", necked to 2.25" on the H-pipe, pushing 800hp- full exhaust including mufflers, resonators, cats, H-pipe, and longtubes, plus the engine had a set of moderate blower cams.
I chased exhaust diameter in the past and found diminishing returns rather quick, though I'm not one to try to squeak every last hp out of the high end rpm range. If it's a street car, how often are you going to be up around redline to realize the benefit of slightly less exhaust restriction?
As others pointed out, electric cutouts are the way to go if you want a full exhaust but retain the ability to open it up when needed. I've run multiple cars with cutouts on the street and it always stinks the car out with exhaust fumes no matter where you position them. You can consider running a muffler bypass pipe from the cutouts, around the muffler, back to the outlets but at that point it's more of a sound change than any tangible power gain. '18+ GTs have the active exhaust option, which is mainly in the muffler- the mufflers have a bypass tube with an in-line butterfly valve- that also might be something to consider (and something I plan on doing when my '69 build is underway). I wish my '18 GT had active exhaust, but I'd rather spend the money on the '69...
Plus, there's something to be said for rolling around quietly when needed... There were many times that I picked up the keys to a loud car, thought about what time it was, put them back and drove the DD so I wouldn't make the neighbors mad.