if by custom exhaust manifold you mean turbo exhaust manifold, then you're right...that is the best way to go
but as zoni has said, a cat-back exhaust is piping from the cat on back...or the piping starting where the cat ends all the way till the muffler...
and i'm going to guess that by "regular" exhaust system you mean just a muffler...aftermarket mufflers just take out the sound deadening material so you get that "souped up" sound...it doesn't really add any hp since the stock piping you have hasn't changed