My TJ was almost deafing loud with a similar style muffler combined with high-flow cats. There was a noticeable loss of low-end torque as well, it droned terribly at 40-50mph, and basically ruined the Jeep. Installed an OEM style muffler two days later, it was that annoying to drive.
Now I have high-flow cats into an OEM-style muffler. Good deep tone with a nice rumble but still quiet enough to be nice to drive. It still sounds like a 4.0but it's more defined and less "tinny" compared to the stock exhaust. I can't see a flowmaster 50 sounding good with no third cat, especially as the third cat is basically the resonator for the exhaust.
Also, the cold air K&N tube doesn't make a difference, it's actually worse than stock since it's sucking in hot air from the engine compartment. If you want better airflow and cooler air, a cowl induction setup or the stock airbox would be best. I have a windstar cowl intake setup and it works very well.