I'll also say that if it's a normal 502, you're making tons of torque and probably in the low 500s hp. With that kind of torque curve and power output, I can't see any way that 3" would help - yet it will certainly be more difficult to install and route. If there were an advantage to 3" for you, it would be in the upper rpm ranges, where the 502 typically isn't run all that much. On top of that, if you're retaining the dumps, you've pretty much eliminated tailpipes in all out track use anyway.
I used 3" all the way, however I'm at the 600hp level, and there were some pre-formed segments available from Ram Air Restorations available. Even so, I have a slight fitment issue around the drivers side rear axle. They are TIGHT. And we did some cutting and tig welding to better customize the fitment too.
If I were you I'd stick with 2 1/2". Also, if you're really wanting 3", make sure it's mandrel bent. If not, with every bend you're eliminating any advantage of the larger diamter and making it actually worse. You may find that local shops often can't do 3", and many that can are not able to mandrel bend that diameter.
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