You should be able to. Inside that 'back' end would be the baffles, which will have to be removed to do that (Good riddance!). In front of that is where it gets a little more complicated (eyeballing it, I don't think option three will work), that's where the cat converter is.
If it were me, I'd remove the baffles completely (It's pretty easy, I can walk you through it if you need), then I'd look inside at the 'plate' you'll see in there with another small opening, looks alot like your exhaust does NOW only further down. That's where the cat is. I would cut far enough in front of that, that you don't look at the back of the bike and see the ugly cats. ANOTHER option would be to cut in FRONT of the cats, but that would be a REALLY short exhaust...
If you look underneath the bike you can see the cat converter, it's not inline with the pipes, it's under the bike and sort of snakes around. That's the culprit. If you were pretty skilled, you could probably remove it and replace it with a welded piece of pipe inside the chrome shield. BUT, you'll possibly alter the A/F ratio and might need a programmer, and it will be super super loud without that cat! (Removing that cat and the baffles would make it a straight exhaust. Removing just the baffles makes it deeper and a little louder, but the cat still sucks up most of the noise)
EDIT: I don't know what I was looking at, option 3 will work. Any of the three cuts you have mocked up there would be behind that catalytic converter and thus not an issue. Just yank the baffles and cut!
"8 But God demonstrates his own love for us in this: While we were still sinners, Christ died for us."
Romans 5:8 (NIV)
2014 Kawasaki Vulcan 1700 Vaquero ABS SE
iPod Connector Kit, Kuryakyn Highway Pegs, Mustang Touring Seat, Marvella's Hitch, Kuryakyn Trailer Wiring Kit, Haul-Master Tag-a-Long Cargo Trailer
2011 Honda Shadow Aero 750 (Wife's)
Memphis shades quick-release windshield, OEM Solo Seat, Mustang Fender Bib, Chrome Solo Luggage Rack
Past: 2006 Vulcan 900 Classic LT