The three sides of the T are all -8
Off the top of the motor one side does go to the T which then goes to the headers the other exit does need to exit the boat if it goes back to the motor or is plugged it will cause the water temp in the motor to climb and it will over heat or come pretty close depending on how hard you run the boat.
The Bassett T has a ball and spring inside, what this does is when there is not enough pressure from the motor being at a lower rpm it keeps the water from going into the headers and reducing the risk of reversion. As the RPM increases, the flow of the exhaust is higher and helps push the water out.
Its a good idea to check the ball and spring before the beginning of each season, the springs and deteriotate and come apart.
I think the T's are about $80.00 but they are serviceable.
Jason