I'm surprised this doesn't come up more often. It's pretty easy to do, but it will only give you 1-2 additional horsepower on a 600/750, and a little more sound. Are you sure you want to do this? Do you want to disable or replace the SET valve?
I guess the real question is do I really want to type out all the instructions???
I disabled the SET on my '04 to smooth out the throttle response. It helped a little bit. Maybe a little better sound, but that was with a stock can. I put it back to stock for some reason when I got my Akra slip-on and got a dyno tuned PCIII, and that worked even better.
Also, for checking the adjustment of the SET valve cables, check here >>>
Bulletin #157 GS/GSX/GSX-R#157: Troubleshooting An Intermittent FI Code Display