tools:
7/8 hole saw drill bit
http://www.lowes.com/lowes/lkn?action=productDetail&productId=178326-28303-34...
12" hole saw extension
http://www.homedepot.com/webapp/wcs/stores/servlet/ProductDisplay?storeId=100...
dynojet stage 1 jet kit (needle and dj144 main jet)
1/2 inch drill bit

I would recommend using a corded drill.  I used a 9.6V drill and I had to charge the battery twice to get the job done.

Insert the hole saw in the hole in the muffler, it's a tight fit but it will go, it stuck on me about 3 inches in i just pushed and drilled and it went on in.  push it all the way through...the drill will be about 2 inches from the back of the muffler.  drill through the first plate.  take the hole saw out and exchange it for a 1/2 inch drill bit and drill through the second plate.  
Next replace the main jet and the needle according to the instructions in the jet kit.  
I adjusted the air/fuel mixture screw to about 2 turns out.  I also have a K&N air filter in the stock filter box.  This mod opened up some power!  it's pretty quiet at idle but when you get going it begins to open up.  I live in an apartment, so i didn't want to wake the neighbors when I come home at 3am. I will post an audio clip later.  

it will do until i get the screaming eagle or a dyna slip on!

Ed D, must the rivets be drilled out first before starting your steps?  I read that other's have drilled the rivets out first?