every turbocharged engine have a wastegate to control the turbocharger from overboosting. the diff is that whether its using an internal or external wastegate. stock factory car usually have an internal wastegate on the turbo unit itself. please learn how the turbocharge work 1st.
the thing u call as a wastepipe is a piping from the wastegate(internal or external). when the wastegate open, the exhaust gas bypast the turbine and get out from the wastegate to control the turbine from overspooling(over boost). the pipe from stock car usually connected back onto downpipe. thats why theres no the wellknown wastegate sound. if u choose to seperate the pipe, the sound will be loud accept if u choose to put a muffler for your wastepipe.
there will be performance increase only if the wastegate flow into downpipe interrupt the exhaust flow from the turbine outlet. boost creept will also be reduced( if theres any) as long as the waste pipe arnt too small. the cons? nothing i can think of accept loud sound. if u say that the max boost will be hard to reach, i dont agree with that. It depends more on the wastegate setup(wastegate spring, boost signal to wastegate, etc..). hope that will help.