From what I've read, the 99-00 GTs have a much less restrictive system than the earlier generation 4.6s, (I have yet to confirm this though) so it may not be quite as much a concern as to someone running a 96-98 mod motor.
I have also read about decent hp gains on near stock setups with an x/h pipe and a good catback system. (Running around an extra 5-10 horses)
If the "sound" is your priority, a good cat-back system with after market mufflers will fit the bill just fine, but if horses are your main priority, I would start with an x/h pipe first and work my way back with cat-backs at a later date.
Cat-backs in themselves won't give you much of a performance boost, if any at all...
Hope this helps...
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98 GT
Dyno-Max cat-back exhaust, 3.73 gears, Steeda shifter, Ford Motorsport Underdrive pullies, 87mm MAF and Roush cold air kit...
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