I think you've made the right choice. The price for exhaust systems on these cars drives me insane. You should be able to get a whole exhaust system for around $1000, and a cat-back system for even less than that in my opinion!
About two years ago there was one member (either here or... dang I can't remember) that had a 986 and worked for Magnaflow. He had an exhaust done up there that he said sounded great. I would think that a custom fab system like that would be a great way to go, if you were willing to experiment a little.
I do believe the button is for '03+ cars, so you should be alright. Do double check though. Mine didn't have a button, it's just hardwired in and opens the bypass valves depending upon speed. Good luck in your search!
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1984 - 944 - The first one.
1984 - 928S - The loudest one.
2001 - Boxster - The best one.