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Supposedly, the rear in our beloved F-bodies originated in the Vega, and has evolved since. it was a 7.5" in the third gen and 7.625 in the 4th. Not much of an improvement.
After one time at Irwindale raceway with my '95 T/A the rear was making noises. I replaced the carrier with an auburn posi and replaced the stock 3:42 with richmond 3:73 and used a studded differential cover. (also replaced all the bearings and seals, too) that solved my problems, but my engine was only pushing around 350 horses.
Mods like this will be fine for a mildly modified LS1 or LT1. If you're under 500 horses and you're not constantly drag racing you shouldn't need to replace the axle/ housing. (If you do, check out companies like Moser engineering and they can set you up with a 12 bolt that will bolt right in)
The previously mentioned pre-loading is a good idea and will lessen the "shock" on the rear.
I hope this is helpful.
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