on the rear lower valance panel, I looked at a number of cars I thought were original and to me it seems correct to bend about 2" wide piece of the lip back for each exhaust extension but I wouldn't dent the actual valance panel. In my opinion, if the curve of the panel needs to be clearance, then tips are sitting too high. The yellow car in the middle photo above shows what I am talking about best.
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'72 Formula 455HO TH400, Revere Silver, black deluxe
'74 Trans Am SD 4 speed, Admiralty Blue, blue deluxe
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