I have a two piece shroud.
I left the truck pan on and it clears everything just fine. It does hang down about 1.5" - 2" below the bottom of the crossmember, but I won't be lowering this truck very much, so it shouldn't be a problem for me. An f-body pan would probably be ideal if you can get one for a reasonable price, but unless you plan on lowering a lot, I would stick with the truck pan.
You can kind of get an idea from this pic:
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