It depends on the sound you want. A classic sound would be a glasspack, I don't know if it is stock for the 50's, wasn't born then. As far as turndowns, it will make it quieter if you run it out the back.
I personaly only go with flowmaster. You can get away with the 2 inch exhaust pipe if you are leaving the motor stock.I did have turndown out the back and an H pipe but now have custom made fenderweld headers and the exhaust stops before the tires. I went with 3 inch so the motor could breathe. It made a huge difference in horsepower and sounds really good. Goldie really likes it now, she gets better response on the throttle and it feels great.
Hope you have fun with your restore. Take care, Debbie