One potential not so True dual option, with the major caveat that you would need THREE O-2 sensors; calls for each head pipe or header collector to have a sensor and it located before the cat(s), and the third located in the "H" or equalizer pipe located post cats. This is the set up that I have in my S-10 and it mimics what the factory issued to the point that the computer is happy. The thing here is that the CPU has to possess software that is capable of analysing the pre-cat and post-cat sensor input and making timing and ignition changes accordingly.
After the H pipe, each side is piped independently to the rear bumper. The only point of interaction is the H pipe and they, or an X pipe, are as much for exhaust equalization and they are for anything else.
As for the dia of the exhaust, for that you need a specialist who understands the effect of diameter on velocity as it pertains to exhaust A skinny bore 307 might not be able to make much use of a 3" or larger dia exhaust system; it is just not pushing that much waste down and out.
This is beginning to sound more and more like a case of "how to get the best bang for my buck out of a bunch of low-po leftovers". The Law of Diminishing Returns states that once a certain point is reached, no matter how much more you invest in a project, the return on your investment will continue to shrink. I am suggesting that your 307, even just as a bench racing exercise is not all that good an investment excercise, simply because whatever you chose to put into it will never be reflected by what the motor gives up for power/torque in return. Otherwise put, and already noted above, you can get there, aka a 307 Horse/307 Cid, but the cost to do so is not worth the train-ride.
Nick