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I'm nearly done with my 1976. I never remember to post pics, but I've really managed to bring around its interior (new door panels with transferred deluxe trimmings from the originals, new pillar mouldings, console and seal, carpet, etc.), and I've got it running nicely. The last big thing I'm humming and hawing about it is what to do with the exhaust.
The exhaust is bone stock and original, except for the mufflers (though they are stock replacements). One muffler is ready to be replaced again courtesy of a loose baffle and a weak spot in the pipe stem leading away from the muffler to the connection with the rear Y. The factory cat converter is in place.
I just can't decide if I should replace the mufflers (would do both so they'd match - have to), or if I should just go out and get a 68-74 style front-pipes-back system like C. Central sells and drop the cat. The latter roughly is twice the price, but we're still only talking about maybe $300 or so.
The 1970 is my baby, but this 1976 is so solid it's great to drive...put a 1,000 miles on it in 5 weeks this summer.
Some years ago, I removed the catalytic converter from my 77 L48 and replaced it with a 'test pipe'. It passed the Illinois tail pipe smog test (there was no visual inspection). I then replaced the entire system with a Corvette Central aluminized system for a '74 (with their stock replacement mufflers). I also gutted the mechanism that diverted the exhaust to heat the intake manifold. I was happy with the 'seat-of-the-pants' results. I then put on 4 into 1 headers, an H-pipe and performance mufflers. Real performance increase, but the mufflers were LOUD and I have since erplaced them with something closer to stock.
Since then I've replaced the L48 with an L31 roller block with vortec heads, a large (relatively speaking) Comp cam, TPI and a 700R4. Each change has improved both the quickness and responsiveness of the car on the street. Go with the true duals, you won't be disapointed.
Without a dyno test, power/torque gains are subjective. What I can say is that the engine seemed more responsive and seemed to rev more quickly with duals and no converter than it did stock. This REALLY picked up when I installed the headers.