I am in the minority with respect to exhaust preferences, but my feeling is that much like carbs...bigger is not better.
Putting a 3" exhaust on a stock (or near-stock) 351 "Q" code is dramatic overkill, and will lessen your bottem end (low end torque) considerably and noticeably.
It seems that it is common for many to embrace 2 big ideas that are either meaningless when considered by themselves, or misleading to point of being pointless.
One is horsepower. I know that everyone wants the highest horsepower as possible, but that is not a singularly true indicator of how a car performs where it counts. All aftermarket product manufacturers bandy about HP figures as the surest way to sell thier products, and it works. To sell the product.
But...you can't "feel" horsepower, you feel "torque". Horsepower is nothing more than torque sustained over a moment in time.
Torque is what moves you off the line, and if you build a car for max horsepower without consideration for the torque aspects...you do not necessarily end up with a fast or quick car, but it might put a big number on a dyno!
99% of enthusiasts drive their classic cars on the street at "stop light to stop light" speeds, with a a little impromptu "Street Drag" going on every now and then. Rarley do you have an opportunity in a street-driven situation to wring a classic Mustang out to its maximum overall track potential.
We all love to quote 1/4 mile times, but most steet races are nowhere near a 1/4 mile.
I have always felt that a street-driven car should be built to satisfy on the street...not just the track.
Case in point: The '82 GT with the debut version of the 5.0 liter "HO" seems pretty lame by todays standards: 157 horses, 240 lbs torque.
However, with a sluggish 3.08 rear-gear and skinny street tires, this car easily turned in mid 15-second 1/4 miles, and 0-60 in about 6.5 seconds.
I had an '82 GT I bought brand new, and a simple switch to 3.55 gears, much better tires than those awful "TRX" turds got this car down into the high 13's in the 1/4. Nearly as quick in the 1/4 as my 429 Mach 1.
That is with a stock 2 barrel carb(356 CFM!), stock SINGLE exhaust (2 1/4" and 2 1/2") and the crappy RAN/RAT 4-speed trans Ford put in them.
That is with 157 horsepower.
The torqie was 240 and was all there at 2400 rpm...where you want it.
What am I saying? Basically, a 3" exhaust on almost any street car will kill your botton end. Stick to a factory 2 1/4" dual system with a factory "H" pipe and you will get the best low-end bang for your buck. The slight backpressure will help to increase cylinder-filling at lower RPM, giving you better low emnd torque.
You may lose some maximum high RPM power, but how often are you really going to run the thing up there?