Re: rear end work
Traction is one of those things that almost everybody with a 2wd vehicle is always looking for more of. And even some of the guys on here with AWD still are looking for more traction.
Leaf spring setups can be made to work, but it will take some work. A poorly designed 4 bar or ladder bars are likely to work much worse than the factory leaf spring setup. The warning here is just because its a 4 bar (or 3 bar or ladder bars or aftermarket anything) doesn't necessarily mean it will work better. It needs to be well designed / configured for the application, and adjusted properly.
Caltracs are a good suggestion if you're thinking about sticking with leafs.
You can certainly put a 12bolt or 9" Ford under the rear. All it takes is a big checkbook balance. There aren't many 9" Fords floating around in junkyards these days (they've been pretty well picked over in the last 25 years) so there aren't too many gems there that will fit. And I don't think the 12 bolt was ever offered in anything narrow enough to fit (stock). If you've got the green, I'd say go for it.
I'm not sure what rear the GT came with. I'm assuming that its the 7.5" 10 bolt. If it is, you're correct in thinking about ditching it. Its a real piece (of Sh!t). Later model trucks (I think starting in about '97) had the option of running the 8.5" 10 bolt, which is light years stronger. In order to get the 8.5" I think you had to have the 4.3l v6 with the 5 speed. The factory "locker" is junk, so you might as well plan on putting something decent in there, so the 8.5" cost wise probably isn't all that much better than the 12 bolt or 9" (once you scrounge up a decent one, put a fresh limited slip, gears, and bearing in it, you're looking at probably $1000+).
Ultimately, here's what you need to do:
1.) Figure out what you have (800hp, 6 million dollars, whatever)
2.) Figure out what you want the truck to do.
3.) Figure out what bits, parts, and pieces you need to make 2.) happen with the constraints you spelled out in 1.) and then BAM! you're done.
What I'm suggesting here is do some research, and a lot of thinking, especially about BUDGET. That's what trips most people up (the whole not looking before they leap and then not having enough cash to finish up scenario).
'JustDreamin'