I want to replace my rusty exhaust system, from my converter back to the tailpipe.

I know there are places to get the usual parts (the tailpipe, the three pipes, and the two mufflers) from the likes of Groton, Eeuroparts, and IPD, but I think there is an opportunity here to be able to redo the exhaust so that it is (a) less suceptible to rust and/or stress and (b) change the car sound to a cooler exhaust note.

Suggestions?

When I installed a 5.0 HO Ford engine in my 82 GLT, I used a stock 240 turbo exhuast system from the y-pipe back. It produced a very good sound, stealthy at idle, and a nice rumble when driving. It didn't seem to impede even the 5.0 engine much, so it might be a good upgrade for you. It will sound louder (only has the one rear muffler), have a bigger diameter and look better, and hang and fit perfectly. You may need a small adapter from the converter, but otherwise an easy fit.

How about developing a side exhaust system using only one muffler?

I assume we are talking non-turbo here.

I have ipd's sport system for NA 240s on my '83. It's been on there for 5+ years now, and it is still in great shape. Personally, I love the sound. And yes, you can put it together from 240T parts and an adapter, but that's up to you.

I've seen a stainless exhaust for the 240 on the Swedish Classics website, but it is fully stock in configuration.

If you really want both improved sound/flow and much longer life, you'll need to get a custom system bent up - there might be such systems available across the pond, but it would be really $$$ to ship them over here.
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Speed Racer, '83 240 R, '74 164 E, '93 940 OL1 (Manchester, CT)

I had a Supertrap/straight exhaust on my old `83 245. IPD used to sell them years ago. They had a photo of the Supertrap and cat-back straight exhaust system in thier old catalog that I gave to a custom exhaust shop to use as a guide. The system actually sounded really nice until the glass packing in the Supertrap wore out. Then the sound became simply intolerable on the highway. I eventually changed the whole system back to stock. The Wife & kids just couldn't handle the racket anymore.