I see from your sig that you are supercharged so I suspect you're putting down about 300 rwhp. I've think the common belief is that the 7.5 rear is good to about that range. But that's on street tires. With slicks or a soft composition tire you stand a chance of breaking the 7.5 rear end. IMO, go for the 8.8 swap and wait until later to change out the driveshaft unless you have the money to do both. The V6 driveshaft will work with the 8.8 rear end but you will have to buy a V6 pinion flange Part# E9TZ-4851-A.
Here's a thread that will give you some idea about the cost. One of the vendors mentioned has the pinion flange included with the rear end (newtakeoff.com). The cost is $800-$850 depending on gear ratio.
http://www.allfordmustangs.com/forum...-rear-end.html
Good luck and keep us posted on your final decision.
__________________
2006 Redfire GT manual. Saleen S/C. Custom Diablo tune by Adam @ ST Motorsports, San Bernardino, CA.