Yeah, it's real possible that you'e got drilled baffles.
You can shine a light in there to see if the baffles have been punched/drilled.
There are twelve baffles on the Valk.....six on each exhaust pipe....three rear and three front per side. It's entirely possible to have all of them drilled. The odds are that you've got only the rear baffles drilled and the front baffles are still untouched.....simply because the rears are easy to get to and the fronts....not so much.
This will give you and idea what the inside of the exhaust looks like and what to look for.....
http://luiscajiga.com/Exhaustm.htmhttp://luiscajiga.com/Exhaustm2.htmAs far as I know, if you've got drilled baffles, then there's nothing you can do to restore the pipes back to stock.
If there's enough of the piggies left on there (and judging by your pics there isn't) you might be able to solder a copper coupling on there and add some copper tubing/pipe to restore your piggies. There's several threads about that.....search piggies or restoring piggies.
A very easy way to eliminate the drone you have (and with the piggies cut...you have drone) and to silence the effect of the drilled baffles and quite the Valk is to install a set of aftermarket silencers. These.....
http://shopping.rexmar.com/Merchant2/merchant.mvc?Screen=CTGY&Category_Code=silencers-inline-insertHere's a thread about them....
http://www.valkyrieforum.com/bbs/index.php/topic,40398.0.htmlMarkT also sells silencers from OEM exhausts that you can install if you want. He's also got intact piggie plates with the pigs attached that he sells also. PM him for more info....as there's no one on this board that knows more about the Valkyrie exhaust than he does.