I'm still looking for my first mod and i want to start with my exhaust. Being the cheapest of the three i'm thinking of going with an electric cutout. Is it true that you get the most hp/tq out of cutouts? Personally i love the sound of true duals but would I pass emisions testing? On my mind as well I have the dynomouth which sounds pretty good and sounds nice.
In the near future I will go with an fipk or Lid, Lt's and so on.
any suggestions are welcome...

I got a lid off this board for around $50 shipped and got some cutouts for about $65 shipped. I noticed a huge increase in top end pull. I haven't taken it to the track yet so I don't know what it runs, but it opens this weekend.

you are on the right track with your mods.

i would say buy the standard cutout, weld it in the Ipipe just before the axle, and then buy a lid. then save your money up for the Ecutout later.

the LS1 reacts VERY well to easier breating IN and OUT.

and you'll probably find yourself not using the Ecutout plate much since you will like the sound of the car so much.