86gt,
No one answered your ? about axles so I will. No you don't need 31 spline axles unless your dumping the clutch at 5k on slicks(with a few hp). As far as the tires go a 245/50zr16 is pushing it on a 7inch rim 255/50's would not be wise(for handling sake). As far as the suspension goes, get all the braces, koni shocks, H&R road race springs, poly front end bushings, and then if not before work on those brakes. Everyone is right about formulating a plan, do some research and decide what manufacturer you want to go with and stick with them. I would also suggest getting the good stuff the first time, ie no bbk or jamex.
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89'notch
http://lowkey.stangnet.com