Opinions on Electric Cutouts for small block
Yeah it be fun but expensive to do it right. Sooner or later the valves will leak, if the company is out of business come 2015 your out of luck so try to guess which companies still be in business when yours wears out.
I would guess its best to close the valves with the engine off--at least foot off the gas. .the farther downstream the cooler the exhaust gases will be, heat wears stuff out quicker.
They also still make the old school type that just has a cap bolted on. When you go to the strip just unbolt the caps, they are waaaaay cheaper.