A single "straight thru" dual in/dual out muffler should be fine as well.. Pretty much just an X pipe.
No, not for a V8 engine. Airflow is power, and one muffler flows far far less than two mufflers with the same pipe sizes before and after.
An "X" pipe is not high performance, as they are sold there is no real power gained, only a change in sound(minimal).
In any case, any exhaust on any engine has only two purposes, to get the exhaust out and to lower the sound level.
The exhaust manifolds are unlike the rest of the exhaust, those are critical to the power band regarding sizing and length. You can go too big with headers, the size does affect the power at all rpm's. The headers must be selected to flow the needed amount at certain rpm's.
Everything past the collectors at the end of the headers, that is entirely about sound and power robbing restrictions. Pick your mufflers for sound choice, but make everything past the collectors flow as much air as possible. You should select the pipe/cat/muffler sizes based on the space available. Beyond the collectors, bigger is always better.
All restrictions after the collectors reduce airflow from the engine(loss of power). That is why all race cars not required to use an exhaust, don't. They all end right after the collectors, which is zero restriction, maximum airflow, maximum power.
Just remember that greater airflow means the need for greater fuel to match that airflow. Without tuning, the ratio of air/fuel gets leaner and leaner. Anyone knows that best power comes at the best A/F ratios, going away from that makes the power drop(tune the A/F ratio).
That is what the computer programming is for, to improve the A/F ratio. The programmer needs to know what airflow changes have been made to the vehicle, including exhaust changes.