Not to claim to know anything from firsthand experience, but I would THINK it would run lean...
Less back pressure from exhaust means more air in, means lean fuel mixture.
I'm having this problem on mine right now, PO put a really free exhaust on it to make it sound "more like a harley", and now I've got to deal with it. I'm actually just gonna wait until I can acquire a new exhaust... anyone got a spare?