I have the Howell kit on my 360. I seem to remember either when I ordered it ( www.howell-efi.com ), or in the installation instructions that you can run dual O2 sensors. I just run a single 3" exhaust, but it's custom built. The passenger side turns forward, goes across under the front of the oil pan, then connects to the drivers side. I run a 3" high flow cat and a 3" MagnaFlow muffler. The only place the exhaust system is lower than the frame rail is about the last 6" at the rear. In 4-5 years, I'm yet to even ding the exhaust.
I've had the EFI on over 5 years now, and with the exception of a bad O2 sensor, it's been flawless. It starts easier, idles smoother, throttle response is crisper, and it will even run upside down. (Don't ask how I know :roll: :-| ). I did install 3/8 feed and 5/16 return lines during the install (factory is 5/16 feed and 1/4 return). I ran the lines up the firewall at the back of the engine since the GM throttle body feeds from the rear.
Talk to the techs at Howell. They will know the answer.
Bob.
tufcj