What cam are you running? One of the issues I would be wary of with a 3.73 in a 7.5 axle is the pinion gear engagement with the ring gear. As the ratio gets numerically higher, the pinion diameter is made smaller and gets less and less engagement. This is weaker than with a numerically lower ratio and would make it more prone to breakage. Also, it is more prone to break if it hooks up than if it does not. That is why a dirt circle track racer can get away with it. The initial shock load is less on dirt than on pavement with sticky tires.
As for setting it up, I would pay to have that done. Expect to pay around $100-150 for labor, and $75-150 for parts ( crush sleeve, seals, bearings). Doing it right involves several specialty tools which you may not have, and the savings between buying the tools and paying someone is not that much.