I think a 3" exhaust is a bit overkill for a 347. It will really sap your low-end.
I'd go with the 2 1/2" x-pipe (Hedman Headers brand). H-pipes are only good to 3k. The Hedmen made more power than pro chamber in a 5.0 Mustang and Super Ford test.
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351W 89 Mustang GT Convertible