the 7.5/8.5 (and 7.625 of the monte ss) refer to the ring rear diameter. quite simply, larger is stronger. larger ring gears/axles usually have more splines on the axle shafts which is also better.
the 7.5/7.625 is the weakest axle you can get from GM and should not be used over 350hp, but that's not a definitive number.
the 8.5 is MUCH stronger, but g-bodys used a very specific suspension setup and nothing but a g-body rear is bolt in. 8.5s were found in the
hurst olds, 442 and GN only. (but IIRC not all
H/O or 442's--i want to say 85 and 85 model years)
however there are companies that modify the GM 12 bolt and ford 9in rears. you can also have an 8.5 (or any rear) modified. all they need are the proper mounting points welded on in the correct positions and angles.
10 bolt/12 bolt is just a reference to the number of bolts holding on the diff cover. the 12bolt had an 8.75 ring gear and is very strong, but rare and takes more energy (hp) to drive. same with the ford 9.
they all came in various gear ratios, the only way to know what it is is to turn the input shaft and count how many turns it makes for the axles to make one rev. you can always change the speedo gears in the trans to correct for a different rear.
open diff/posi
a "true"posi is one where there is zero difference in speed/power between the 2 wheels--also known as a locker depending on style. very good for drag launches but sucks on turns and wet roads.
a "positraction" rear (GM's name for it) is actually a Limited Slip Differential. there are many designs but all try to prevent wheel spin by sending the power to both wheels but allow the wheels to turn at different speeds on turns.