Godstang gives excellent advise. He, as well as a few others, helped me make this same decision.
I have a 97 V-6, 3.8. I went with true dual exhaust. My muffler guy cut the 'Y' pipe right behind the cats, then ran 2-1/4 inch aluminized pipe into two, dual-chamber Flowmaster mufflers and Stainless steel tips.
It sounds great, looks great and gave my some extra ponies! 
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'97 V-6 Stang: Custom Catback Exhaust System w/2 Flowmaster 40 series dual-chamber mufflers [True Dual Exhaust] w/ 3-1/2 inch tips, DenseCharger Cold Air Induction, Taylor 8mm Ignition Wires, PIAA hyperwhite headlights, Carbon Fiber Dash Bezel, Econ Front and rear drilled and slotted rotors.
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