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From 75 up was 2 into 1 cat then split to two tail pipes. Corvette Central sells dual systems that fit nice if you don't have emissions testing in your area.
Yes, but the good news is that a factory style, true-dual system, for a 1974 Corvette should be a direct fit.
If you don't already have a 2 1/2" system, you can even switch to that without changing manifolds. If you already have 2 1/2" manifolds or headers, that would definitely be the way to go.