Bigshrimpin,
I've got a '78 23' Sceptre with a 7.4L/Bravo 1 drivetrain that exhausts through drive itself. Unless you are trying to free-up horsepower with a less restrictive exhaust, I would recommend getting the "Y" pipe and exiting through the drive and underwater.
A couple of thoughts; one, this will be much more quiet especially at trolling speeds and two, you can always ditch the conventional, through-the-drive exhaust and go to a through-the-transom system in the future. My boat is very quiet at trolling/idle speeds. Starting with the conventional exhaust first, at least you are not cutting two 4" holes in your transom that you might regret later.
Would love to see this project sometime; please post pictures and good luck.
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