If I am reading the stats on your truck correctly (1987 V30 with a 454), you don't even need catalytic converters. Your exhaust - as originally from the factory - is sweet.
Just two straight pipes (2 1/2") with a muffler inserted in each run:
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BTW- That OEM muffler is getting extremely hard to find.
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They are made of highly corrosion resistant steel and will easily last for 20+ years - as is the OEM exhaust piping. Here is what my factory mufflers looked like after 29 years:
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They were still good, but I am doing a restore so I replaced them with an NOS set (found one @ $329 and the other one @ $189). Took me a few months of looking around to get those prices.
White Racing has 3 remaining (about $400 each):
MUFFLER EXHAUST
USD $395.68
Add to Cart:
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Part #: 15529620
Shipping Weight: 17.8lbs
3 Units in Stock
Manufactured by: GM
http://www.whiteracingproducts.com/index.php?main_page=product_info&cPath=67348&products_id=1615385