I just ran full length 2-1/2" exhaust on my '65. It has 28" glass packs so this should give you a decent comparison. I agree with the posts above, if it's a driver you will want to run the pipes out the back, anything else gets pretty obnoxious.
I ran the exhaust outside the frame rails, worked out well and leaves a lot of access to the rear suspension. Click on this link for photos and a video clip:
http://67-72chevytrucks.com/vboard/showthread.php?t=363509&page=6