If money isn't a thing then yes by all means rebuild what you got. But if your a broke college student like I am then spending that much money on the 7.5 isn't an option. Especially when you can buy an 8.8 real cheap. Then slowly buy the stuff to rebuild it and have it done and swap it out in a day and be done. I can't even afford to be without my car for a few days barely. If you hunt around enough you can find 8.8 stuff used real cheap. I got my 03 rear for 200, and see all numbers of gear sets on Craigslist for like 30-80 bucks. Then all you need is the install kit and someone to do it for you. You can have cheap and fast, cheap and reliable, or fast and reliable, but you can't have all 3 at once.
04 3.9l Convertible- Daily driver
94 5.0l Convertible- Work in progress
92 5.0l Hatchback- Another work in progress