Pete
Nobody doubts either the experience you or Al have had with the LT-5 and what makes it work. Marc H. has said several times that he has seen virtually little to no difference between a 3" exhaust and a 2.5" Corsa regarding hp.
I would also think engine displacement would have something to do with the necessary size of the exhaust. By any chance, had you timed the cams when you ran 116-117 with just chip and exhaust?
At least from the dyno runs Lee and myself have done, we are in the 385-390hp range with top end porting and that's before recognizing that the Street Stuff WB may have been reading lean.
Here's a very interesting thread with excellent information:
http://www.digitalcorvettes.com/foru...hlight=exhaust