Exhaust systems should always be in sound condition and secure.
I saw a classic result of exhaust neglect 25 years ago when a woman in a Fiat Panda failed to replace a long-past-it system.Trundling along the A1 at sixty the centre rotted section broke free and in the blink of an eye hit the road and punched its way through the floor-pan near the handbrake lever narrowly missing her left side.
If you wire it up or the existing supports allow the remainder of the system to sit in a balanced manner you should be ok.Fumes will only be a problem if you have holes in the floor .....even with a complete system fumes can encroach on the cabin through damaged boot/hatch seals.
It`s unlikely you`ll do any harm to your engine if you take it easy....you ought to spend an evening at your local stock-car track to see what you can get away with as far as car abuse/neglect is concerned!
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