there is a rubber boot that covers some axle cv i beleive and it broke off leaving the metal inside exposed.Will this make the axle eventually fail or what i think i heard if the boot is off it will fail.Thanks
If the boot covering the cv joint has fallen off, then you need to replace it ASAP. The cv joint is packed with grease which will act like a dirt magnet picking up all the road sand and dirt .this in turn will cause the joint to fail. You can by a boot kit that allows you to replace a broken or missing boot without having to remove the axle shaft. If these are the original axles, then the cv joints are probably at the end of their service life. You can get rebuilt or new replacement axles relatively inexpensively.
Your not going to see much improvement in a cat back with a 305 or any stock engine for that matter. The stock cat back on those cars flow pretty good. I would look into headers maybe a high flow cat, it will cost you more but you will see more of a bump in power.