Anything you do to help an engine breathe will help it make more power up to a point. Better gas mileage? That's hard to say as there are all kinds of variables that play into that. I know mine always goes down because I like hearing the new throaty sound with the new exhaust.
If you're just going to run it from the converter back and split it to duals, you probably won't realize that much of a gain because most of the restriction happens in the clunky cast iron exhaust manifolds and the small cross over pipes. If you want to do it and gain the most, I'd look at doing the whole shooting match, that is, headers, and dedicated pipes for each bank that run all the way back, without the crossover. Also, I'd look at some high flow cats at well.
Just my $.02.