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Catalytic converters have come along way sence the 80's. The cat you have now is decent and could probably flow as much as a normal muffler. I have a gibson single exit, the sound is ok, but no real performance loss or gain. It's mostly for sound. I have been too lazy to get my truck to the muffler shop to build a better Y pipe, so I can't say what that will give you. Hopefully it will not tick under your/my feet under acceleration.
There's flowmaster, magnaflow, walker/dynomax, borla, b&b tri flow, corner shop specials, house brand, hedman, and flex pipe to name afew. You will not see a seat of the pants difference between any of them. So pick the one that you think sounds the best.
Bro,
you can get the same thing done at a local muffler shop
on a side note you will not get 33hp from that y pipe
I have a flowmaster 40 with 3" in and dual 2.5 out
as far as sound i was excited at first but now i want something with more rumble....i didn't feel or see any change other than noise
the y pipe you have has the same problems as the older v10's and kits can be had to repair that problem. flow master has a y pipe adapter many v10 owners have used.plus stans and some one on ebay have them.
take this ? down into the v10 area and ask them for the part numbers.
your 5.4 will have a much better sound, just don't look for huge gains in power.
You could always do what I did....straight pipes. In all honesty...not too loud. Stock manifolds (for now), stock y-pipe into single stock cat. From there, a single 2 3/4" pipe that y's into two 2 1/2" pipes to ss magnaflo pencil tips. I get a lot of attention. Not sure if it will pass inspection, though . My buddie's shop did the work.