Mail order chips for non-blown engines are pretty much a waste of time. With a dyno tuned custom chip you can pick up a pretty good amount of power even on a lightly modified car.
For the X vs H thing. That's generally true. A good H-pipe will give a few more ft/lbs of torque, but lose some on the top end. A good X-pipe will give good high end hp, and not quite as good low end torque, but not so much that it seriously effects things.
The X-pipes I've heard on Cobras tend to not burble as much at or near idle, and sound more Porche-like at the top end. I don't know if I would say its "higher". Its different, but it still sounds mean.
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