First off, I have an X pipe with true dual Bullets dumped right before the axle.

1. Will dual cut-outs be a good bit louder than the Bullets?
2. Are dual cut-outs louder than a single cut-out?
3. Is it even worth doing cut-outs with Bullets?

I may even swap out the Bullets for some Spintech mufflers later on down the road. I don't really want electric cut-outs, so some Flowtech 3" cutouts are what I am looking into.

 

1. YES
2. YES
3. NO

the duals with bullets is about the free-est flowing exhaust you can run. there will be NO perceivable gain in HP going to cutouts...possibly a loss in torque depending on where you put the cutouts.

spend the $$ elsewhere

 

I would say

1. YES
2. Not really, but better sound
3. NO

 

The above guys are right, it might be a bit louder, but its really not worth the .5 hp gain you might get. Your exhaust is pretty much open as is.