As Clinto mentioned, I believe all the early multifuels all had the rear side exhaust. When I was in the Army (1970-71) there were gassers and multifuels both in service. Many of the 5 tons were also still gassers. Some of our trucks were from the early 50s. Some of the Deuce's were being converted to the vertical exhaust. and holes were cut into the fender. New Deuces with vertical exhaust had factory cut holes in the fender. I was told that this was because the multifuels produced such large amounts of smoke. Troops in the rear had to breath all that black smoke and with the side exhaust it tended to go right into the cargo area and get trapped by the canvas. Many of the side exhause Deuce's were left alone, depending on the primary use. If they were primarily used for hauling cargo such as ammo, rations, etc. they were left alone. We had a lot of Studebakers with side exhause. As Clinto mentioned, I believe all the 427s had turbos. Virtually all of the 465s had turbos, but a few didn't. The only difference noticed was that turbos produced a lot less black smoke, although they also produced black smoke. I was told that the only reason that turbos were added to 465s was to cut back on smoke produced.
One other memory from that era was that most Deuce drivers did not like the multifuels as they were much less reliable that the gassers. The gassers started easier, especially in cold weather, didn't smoke as much and didn't tend to spontaneously destruct. We had many many Deuce's that had engines disintegrate for no apparent reason. We also had many that blew headgaskets. Coolant would get in the oil. Some of these were obviously abused, but I believe the vast majority were treated well. Most of us driving Deuces really took pride in them, had our names and rank on the windshields and kept them in good shape. I remember seeing one Deuce (465 turbo) that was idling outside the mess hall. Suddenly, the engine RPMs started increasing spontandously. Our First Sergeant prevented the mess driver from getting near the truck to shut it down due to danger. The engine RPMs increased until the engine completely disintegrated. It was spectacular! One piston was found about 200 feet away. I have no idea what caused the problem, but I was told that this wasn't the first time that had happened in our unit.
(Recollections from 1970-71 HHC 2/36th Inf 3rd Armored Division Ayers Kaserne, Kirch Goens, Germany)