Some things to ponder...
5" exhaust won't make more power than 4" on a typical 500rwhp Dmax.
5" can be a pain to route without banging.
It is pricey.
Straight pipe 4" setups can be had for as little as $250. Straight pipe is no-cat, no muffler. This is what we run on all three of our trucks.
As long as the tailpipe is past the rear tire, sound isn't that bad. Unlike a gasser, open exhaust on a turbo diesel is not ear-splitting.
You probably do not have a cat being an LB7, but could have if you have emissions control (non FED emissions). Your "cheap" way to gain reasonable power and sound is to remove the stock muffler, and replace it with a length of 3.5" pipe, which can be done for under $50. This is the best bang for the buck. Our stock mufflers are very restrictive, and getting rid of them will show about 10-15 rwhp gain.