When I was in college with my '05 Z71, I had an exhaust shop cut the stock Y-pipe and run true 2.5" duals with an X-pipe, no mufflers and 5" tips out the corners. It sounded pretty good, but it was damn sure too loud, I should've thrown a couple bullets on there too, then it would've sounded good. Still loud, but wouldn't have popped so bad.
My suggestion if you wanna go that route, would be get the shop to cut the stock y-pipe, run dual stock 2.5" piping with an X-pipe and some bullets and dump the tips over the axle under the bed. You need to figure out how loud you want it tho, the shorter the case on the muffler, the louder it will be. The cats also quieten it down some too, so keep that in mind if you want it loud.