FlowMaster
With Magnaflow, the cutout will be more of a pain in the *** to open/close than the performance gain you'll see. Most people will see 1-2 hp w/ a cutout over magnaflow just b/c they flow so well.
I had a Magnaflow rear section when my car was nearly stock...and thought it was too quiet. Went to the Flowmaster cat-back. 1/4 mile times were unchanged at 13.9 with both. So, yes, the Flowmaster does have worse flow compared to a Magnaflow (as a Magnaflow muffler alone = a Flowmaster catback!) But, it's probably worth .2 at most on the track. I personally think the Flowmaster sounds nice on the street, especially in a cam and header car. A cutout will negate the need to add a different muffler if you are worried about max track performance. Cheaper too. I guess the big question to ask: Is 10HP or .2 gain worth the $450 cost of a Magnaflow + install and shipping?
BTW, with a Flowmaster, 224 cam, intake, tune, and LT headers I'm putting out 375RWHP. That's about what the TR224 cam is rated to do.....so......
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