You can get the benefits of a 3" exhaust and then buy a super long 3" muffler to keep it quieter.
No loss I power from a quality muffler if it's bigger/longer. Just less noise. Slightly more weight I suppose, but not much.
That's probably the best way to have your cake and eat it, too. The good news is you have a truck and that makes it easier to package all this stuff. If you had a '68-'70 Mustang it'd be much harder or likely impossible, to make an ideal exhaust system.