2.25 pipe will serve you better since you're not being a super street racer after max power with a "wind em up" camshaft.
I ran 2.25 pipe with a 305 when gas mileage actually occupied space in my head. When I built the 350 my new pipes were 2.5 with 3 inch , 40 series Flows for a Corvette (4tips)...but I bracket raced it in ET STREET and drove it to work. That 362 has an ERSON AH-8? Extreme flow .492-.492? 228° & 108 ?Single pattern oldschool (late 90s) MAJOR LEAGUE wind up....afterburner comes on about 4k. 28s and 3.73 + low weight get it moving fine.
True roundy round on the street.
I'm plan to run 2.5 in my Blazer and the 327/350hp super duper oldschool cam in that 350 mostly for cool factor plus it will sound rad and rev to the moon!
The 400 has a Comp Cams 268H installed, I'll prolly leave it for now but I don't think I like it, it seems lazy gettin up and that ain't cool.
crappy response.
The kids in here talking about runnin 3 inch pipe in their grocery getter are NOT cool, nor fast. They too have crappy response but because of different cause..they got no velocity.
You don't need that y pipe. Save your money. Go for cheap stuff that will sound cool - you'll never know the difference.