The major difference is the vertical placement of the joint, where the Y-pipe connects to the downpipe (J-pipe?) that goes to the cat.
I believe the 88 crossover is "shorter", and the 88 downpipe is longer (placing the joint higher in the system.)
I'm thinking that both pics are the earlier Y-pipe. The second one just appears to be thermal coated.
Either one will work in either application, as long as the appropriate downpipe is used.
If you use the coated one, you can likely ditch your tin heat shields, or the foil wrap. (I forget yours was an 88.)