Hello and welcome to TorqueCars, good to have you with us.
The Ferrari Cats are very free flowing. You will release a little extra power by removing it but you need to make sure you won't upset any of the engine sensors. Some cars run a closed loop and trim the fuelling depending on the emissions levels. I'm not sure if the F512M does this but I wouldn't be surprised.
How lucky are you living in an area where cats are not required. You'll have to post us up some pics when you get to 10 posts.