I personally went with the second option. I got a slightly used exhaust manifold and downpipe/cat off Ebay for about $80 shipped. It's hooked up to a Fujitsubo Legalis-R cat-back. Some are skeptic about the midpipe diameter on some of the JDM exhausts being too big. But, my set up feels great. I still have plenty of low end torque and top end power is definately noticable.
Another thing to keep in mind is that stock and aftermarket exhaust manifolds and downpipes made for the CTR and ITR will bolt right up as well. For example, my next set up might be a used stock DC5-R header hooked up to a Spoon downpipe. Which is essentially a race header, but a little bit cheaper.
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