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Here is an email from JHP when I asked about the difference:

Hello John

Thank you for your enquiry.
If your vehicle is a daily driver with a little track work the "street"
shifter is the one for you, cost is $335 shipped, can be delivered within 7
days.
The only difference between both shifters is the shifter handle, both
shifter will give you the same firm precise/solid shift feel.
The transmission only needs to be lowered at the rear (tail shaft end) to
access the mounting bolts for the shifter assembly.
If you would like to proceed with your order, see below info.

Regards

Geoff Thuring
 

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I have the race and am switching to street w/ Lou's short stick. The race shifter is too tall, too loud and too much vibration for me. You can buy the street handle from JHP {and add Lou's SS} and swap out the race handle if you are not happy with the race version {and vice versa}. I also got the Lou's ss threaded so I can replace the stock knob.
 

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basiclly the shifting mechanism is the same, but the race version comes with a different shaft, the street version uses the oem shaft and knob. the street version is quiet, the race version picks ups vibration and a bit of noise.
I have the street version with the oem shaft and knob.
That is the say to go. quiet , precise shifts.
If you are hesitaiting gettign the GMM , don't. It is the best for the GTO.
One of the first mods you want to do and you will not believe the difference in the shifting. Shift from second to third , shove forward and it goes to the right by itself , shove forward and you got third, it is the cats meow.
race or street is up to you.
if you do put it in , i would also at the time , change out the tranny fluid.
I put in the Royal Purple manual synthetic synchromax fluid. it also made the tranny quieter and smoother. you will need 5 quarts.
tranny takes on M6, 9.3 pints, or close to 4 and a half quarts.
can buy online or check your auto parts store , most good store have it.
 

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as far as shifting i can't say about the difference between the two. There are guys here that have had B&M and took them out and put the GMM in, they would be the ones to get responce from. Before i made my choice I read alot of reviews on them both. Some were having trouble with the B&M , bolts coming loose or the shaft braking off.
I know the GMM costs more , but I wouldn't trade mine for nuttin. Cost only goes so far, sometimes ya gotta pay more for the good stuff, and I didn't want to have to buy one and then end up buying the other. Lots of $'s that way. SO I just got the GMM Street Version.
 

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If I recall correctly, the GMM Race uses a solid shaft from the shifter to the shift knob (it reuses the stock knob). The GMM street makes use of the OEM shift lever and knob, and also allows you to use Lou's Short Stick if you wish to shorten the shift lever or use a different shift knob. You can get Lou's Short Stick that is threaded for aftermarket knobs, or you can get one that accepts the stock knob directly. I use the GMM Street and Lou's Short Stick with the stock knob.
 

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I have a Race. Excellent unit.

I may eventually get the Lou's Short Shift Kit for it because IMHO the throws are still a bit longish....but the overall balkiness of the T56 gearbox has me hesitating.
 

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If you guys are looking for a kickass shifter, you should get everyone together and write these guys http://www.mgwltd.com/mustang_shifter.shtml

I had one in a 99GT I used to own and it was the best 5spd shifter I'd ever driven. It preloads the shifter so 2nd to 3rd is never missed no matter how fast you try to shift.
I would basicly leave my foot to the floor and hit the clutch as fast as I could and never missed 3rd gear heading down the track.
Right now they only make Mustang and Viper parts and due to the GTO having such a short run they may not be interested.
 
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