Re: 7.5
From my understanding, a well rebuilt 7.5 rear end with fresh lube seals ujoints all will hold up fine to "fun driving".
I would have it rebuilt/upgraded by a proffesional. Can you do it yourself? Yes. If you have the tools. Could it very well become a nightmare to keep silent for a DIY. YES.
I'd recommend you to find a reputable pro with experience and the right tools. It's not a big job for him if he knows what he is doing. And if he keeps his word, and you keep yours, you can save yourself from a possbile nasy headache.
I have rebuilt many rearends. Im no novice. Once i had to re-shim one 20 times. I kid you not. No matter the pattern it would make noices. In the end i had to buy new gears to get it to shut up. This was on a c3 corvette where you have to remove the housing, and use a press to get the gears in and out of the housing. By the time i was done, i could remove, disassemble, re-shim, assemble, check pattern, and install in less than 30 minutes.
Ask me if i was losing my mind doing this over and over!