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yeah that pinched outlet is PROBABLY a bad idea.... but it looks ovalized enough that the effective area of flow could make it efficient if the casting was designed well enough or ported and polished to maximize flow.
That looks like the standard Garrett T3 elbow/flapper housing with a v-band. It will probably work fine for the amount of boost being pushed through it.
Blaastperformance sells them on ebay from time to time.