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Ed,
Magnaflow quoted an additional 5 to 7hp with the y-pipe (same for the 3rd gen one they made). I know that the later ones were all 409 stainless and didn't rust all that much - other than maybe the welds.
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1984 Camaro: 350 Auto, Global West Suspension, Baer Brakes, CTW Wheels
1989 GTA: Bolt-on L98. Global West Suspension, full Magnaflow exhaust, Wilwood Brakes, CTW Wheels
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