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They exit out-board of the springs and straight back under the bumper. You will be an excellent gas welder by the time you are done!

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That's the "Mustang" look the O.P. was trying to avoid. There is room to run a 2.5" tailpipe between the early fuel tank and spring, but there's only 1/4" clearance on either side-- not good.

If you want the exhaust to terminate under the rear bumper inboard of the springs, switching to the later style tank is the way to go. One good thing about this swap is the later style fuel sending units are easily found, and you can sell your old sending unit since NOS pieces are NS1.