Tons of Camaro guys run QTP electric cutouts. Heck, even I had one on my camaro too
But in my honest opinion, if you go FI and spend thousands of dollars, why settle for a restrictive stock exhaust (i know with the cutout you'll make it more free flow, but still)? YOu can get a nice menderal bend piping quality exhaust to match with your awesome FI system. I know you mentioned "cheaper alternative" but after spending $10,000 Plus on your car for FI, would a $1000 dollar exhaust hold you back? Just my