Through Transom Exhaust?

[Bigshrimpin]

I'm totally new to I/O's and trying to decide what to do about the exhaust. I got a nice freshwater Volvo 290 drive (non duo prop), the manifold didn't come with the deal, but I found a good one for short money. I'm wondering if it's worth it to route the exhaust out through the transom or if I should buy the manifold and route the exhaust out below the waterline. Any suggestions/advice would be greatly appreciated : )