New LS1 Owners - Newbie Tech - Exhaust leak at the Y pipe

Hey, i have this annoying exhaust leak at the ypipe(TSP Y) where it meets the catback(Magnaflow), i had my wife rev the motor as i looked under and saw water droplets coming from there.. i tried removing the clamp and putting exhaust tape on there to see if it stopped and it didnt.. the clamp it uses is something like this http://www.amazon.com/Moose-Stainless-Steel-Exhaust-Clamp/dp/B005KLR55C ... If i were to use a band clamp there, what size would i need? sorry for the noob question.

Also what type of hp loss would an exhaust leak like this cause on a stock motor with long tubes?
http://youtu.be/UQ1weM2Epls</youtube>

anyone??!?!!?

You might wanna end that by having it welded.

you shouldnt loose a noticeable amount of horsepower at all.

something like this should do the trick http://www.jegs.com/i/Dynomax/289/35979/10002/-1

FWIW, those clamps need to be torqued down to 65ft lbs per magnaflow to work. IMHO, the issue is this, the TSP Y Pipe and the Magnaflow I-Pipe are about 1/8" out of sync, maybe more...so like you said maybe take it apart, wrap some tape and reassemble at the correct torque, or have welded. I use both types of clamps and I have to say, you likely will STILL get the water coming out of there, other that welding it up, IMHO.

PS-I have the exact same exhaust setup: TSP headers to TSP Y Pipe to Magnaflow catback.