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The cost of "bulletproofing" the IRS is my biggest concern, next after that is the adding track width and wheel fitment issues. I use my car on the street more than anything, so the IRS has me interested.I don't have an IRS, but I would go with that if you have both options. Especially since it came with your donor car and has the FTB bushing kit, I would if I had one. Even though it might make it slightly worse on a drag strip, it will make it handle better in any other situation, plus the IRS exhaust looks cooler.
I know it's been awhile.. but hopefully the OP can chime in whether or not he was able to use a stock fox length driveshaft and just swap out the rear pinion flange.
What trans are you using? Full cobra swap?
I'm using a t5 with the stock 5.0.