I have 2 answers - 1 that you asked for, and one that you didn't (but is relevant).
The unsolicited bit is that as an S2 (after Aug 1993) the car is required to meet the lower levels of emissions..... this was done originally by Lotus fitting a Cat/pre-cat to the car.
Now, if the car can meet the requirements without those present, everything *should* be good... except they then changed the rules to say that if a car had a Cat from new, it MUST be present on the car for it to pass an MOT. There is nowt in the rules about a "Pre-cat"...... is it a cat, or isn't it a cat??? Who knows...... but I'd argue that it isn't for the purpose of being "present" - but if it helps to pass the emissions, it may be considered beneficial.
I have completely ignored the fact that there is an actual exemption for the lower numbers if the engine can be shown to be from before Aug 93, as it is a somewhat grey area which I have never had to research, but I know that other S2 owners have experience of the laws (

Smiffy!).
You don't mention if you are looking at the Piper system with or without a "sportscat" as they call it - which is (legally) fine on an Elan as the Cat doesn't need to be 'Type Approved' for a car registered before 2001, so anything that works is okay.
My car is not an S2 - but it is an SE with closed-loop, so as far as emissions go, it should be the same - except for the cat/pre-cat which I don't have...... I have a Piper 2 1/4" with PCE, and a single silencer.
At the MOT test this year it had 0.36 CO, and 41ppm HC..... which would be okay on HC, and slightly high on CO for a car that needs to meet the lower requirements (0.3 at idle).
I run an Everest chip (which should make no difference at all at idle - but may do for a 'fast idle' S2 test).
All this to say, there is no reason why an otherwise-good engine with the system you talk about will not pass an MOT, if you have a sportscat, and if you have a friendly tester, then even the sportscat may not be an absolute necessity.