T_Bone's right on this one. My 96 has the above mentioned mods (Borla as well). A catback system really won't open up the exhaust as you are still trying to get past your 6 catalytic converters. With an aftermarket H or X pipe (depending on whether you go off road or not)you'll either go to no cats or 2. Much less restrictive. Gears don't add HP but they do get you into your powerband a lot quicker. There are always preferences on what ratio to choose, but from the general consensus, the first gen. 4.6 wants a 3:73. I am planning both these mods for mine next year.
Stefan
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66 Tahoe Turquoise Coupe
Laser Red 96GT Ragtop
Both are slow but easy on the eyes!