I don't know much about FSR .40's, but there could be a timing difference between the ABC/ABN version and the ringed version. Not that it would not work with a pipe, but pipe length would have to be different to suit the rpm range of the engine (per Randy's chart).
Like Peter said, there's no issues with the piston/cylinder configuration, shown by the fact that the new-ish Enya .61RE is only available ringed, and is intended to work with either a pipe or a header muffler. Reports are that it works very well with either.
Steve