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Those two air pipes are directing air from the air pump into the catalytic for better efficient emmissions. They help with the filtering of Nitrous Oxide. A nice polluting by product of your engine. I'm not sure if the air helps the CO 2 or not?
When people remove or diconnect the air tubes, isn't also a good idea to go ahead and remove the air pump and brackets from the engine? (Assuming you don't have to pass emissions.) You would have to get a smaller belt for the other accessories, but thats not a big deal. It won't make any difference in sound level, obviously, but might give you back a couple of horsepower? Just a thought...
If you leave it hooked up, it will make extra noise. Kinda like a siren.
I took mine off on my 90 250 5.8, and replaced the serpentine with a 915 size belt. It runs alot better. The only drawback, is your not gettting the manifolds cooled (I think thats why they are there) when you remove the pump. I noticed my engine compartment was a bit hotter after the last tow. I would also think that the o2 sensor would not be seeing the extra air that would normally be there. The computer is programmed to think its there and adjust accordingly.
Maybe getting a cpu from a non AIR truck would be the best bet for us folks.
Killing my cats, removing the air pump, a K&N, and a small 2.5/2.5 turbo muffler with turndown got me an improvement from 6 mpg towing to 10! I was very impressed. The power was much better also. Still not what it could be, but better. Very quiet. Too quiet! lol!
If you have any testing in your area, DONT do it. Not a good idea.
If not, I would say go for it! It's just dead weight IMO.