I have 4" stainless marine dry exhaust, but I do have a fine mist of water that comes out of the end of the pipes.

I just installed gibson bullets and they work awesome with only a very small amount of water! I dump most of the water through two 1" through hull dumps and only through a 10x2mm opening in the end of the exh pipes that passes through the mufflers.

They tend to get some color though...

Thank you I will check in to those.
Do you have any pics of your 79 pantera that you can post?

Ditto on the pics, I'd like to see how you did the 1" openings. I'm looking to do the same for my Baja.

There are very few reasons to run dry exhaust unless you have a reversion problem. Which can be corrected in other ways. Dry exhaust is insanely loud and will upset many people in the harbors. Which in turn will lead to more problems for all powerboaters. You will need a fair amount of water to exit the tails in order to not cook the mufflers.

You should be able to drill a series of holes in the inner pipe at the tail pipe exit. This should give you enough water to keep the mufflers cool and also help to reduce the bark.

This is my 3rd set of exhaust from stainless marine and finely no reversion, my engine guy said I need run dry but it is much to loud in the harbor and for me some times.