well, since you're going for a gear change i definately suggest getting the CAI/Tuner combo first. The tuner will correct your spedometer when you swap out the rear end.
I went with an 8.8" rear instead of building my 7.5" because i got a deal for the 8.8" for $300

. It depends on what your intentions for your car are. If you're thinking of an engine swap or some F/I go for the 8.8" it might cost a hundred or two more but it'll be worth it. But if you're just doing bolt-ons stay with the 7.5" and put the extra money towards something else.
If you're doing lot's of highway driving go for 3.73's. I did and saw a few drops in mpg about 2-3. The thing with 3.73's is that you'll always be wondering what 4.10's would be like

. I still love my 3.73's makes my car pull MUCH harder than stock. Don't worry about your top speed being lowered because it's negligable for daily driving. If I could do it again I would go for 4.10's though you have to ask yourself "did I buy a mustang for mpg?"