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I am rebuilding the 427. One goal is to end up maybe taming it a little so I feel like I can drive it without rattling the neighbors' windows at 6am for one thing. But, I don't want to spend a huge amount redoing my entire exhaust just to accomplish that. So, if I change mufflers they must fit where mine are now. I have Flowmaster 50-series 3-chamber mufflers now. Here's a page with some pictures (unfortunately the mufflers are not quite shown): http://diabolicalperformance.com/Dia...7exhaust3.html
I want the loudness to come way down without sacrificing anymore performance than I have to.
You will want 3" pipes (at least between the headers and X-pipe) and a pair of mufflers that flow over 500 cfm EACH (closer to 600 cfm if possible). This will insure that you are not restricting power. There is a formula/ratio that supports this theory, that I do not have handy this moment, but I remember the muffler's cfm requirement because I needed similar exhaust for my old C4. I believe Dynomax and Magnaflow make good choices with this kind of flow, and Flowmaster should have one but will probably be a little on the noisey side. Muffler shops may or may not have all the technical data, so you may want to contact these manufacturers and get the CFM for particular models/PNs straight from them.
You will have to put up with a somewhat 'loud' exhaust if you don't want to loose any of your 500+plus HP in the upper RPMs.