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There is something better, it is open for debate, and many people on here may or may not throw their hat in.
Many factors go into doing the exhaust such as, preference, money, time, who's doing it, longevity, epa, your significant other, your neighbor.
I was a high school kid a couple years ago, literally, and i just had a muffler shop throw a flowmaster 40 series si/do with tailpipes exiting at the corners. i now have the same muffler but dumped it in front of the rear axle. i couldn't keep the tips shiny and they were constantly getting surface rust and pitting, plus i now like the look of no tailpipes. since i was in high school and i guess stupid at the time money was a problem and i decided to do what i could to a truck that started a slippery slope of nice investments into it. if the money is there a full exhaust from headers to tip would be best but this is very costly, i'd estimate easily over a grand.
then again this is all preference, people like different music, people like different exhaust sounds. that's if that is all you're going after, performance is another thing.
Is your current exhaust system ok? I think Joe nailed it and it depends on what you want. If you are dying for a louder system from the 4.6 (it's not a 5.4 and adding a custom exhaust to it will not make it a 5.4) then you can go however you want. But if you are expecting big power from it, save your money and enjoy the truck as it is.
Man if ya want it to sound awesome put a y pipe on it right at the end of your cab.Run duals out under the bed no muffler. But keep all your cats on then put ya two three inch tips and you will love it. It'll turn heads everywhere ya go its not to loud and not to quite
No true dual is two pipes coming all the way back from the exhaust manifolds and it will be louder than a super 40 it'll have alot better sounding bark to it to trust me you will like it if i would've had a truck that sounded this good when i was a senior ida loved the he** out of it
i had a flowmaster and duals and spent tons of money on exhaust setups and i have recently installed a cherry bomb extreme flow muffler. it cost about 50 buck. dumped it behind the cab and i will say, the sound is unforgetable. its deep and turn heads. i have a 4.6 and some say a flowmaster ot big muffler is just to big. i would definatly recomend the cherry bomb.
of coarse they would say its bad, it cost about 300 bucks less. lol, i have heard that but i had all my trucks dumped and never had any problems. its the same as if you run true duals with no muffler.
I have a 97 f150 with the 4.6 I have 2 1/4 inch true dual straight pipes it has a good cackle to it it is real loud though so it is all in what you like