Best performing rear suspension-if packaging was not an issue

Keep it simple.

Simple is Good.

 

It's not like you have a whole lot of HP to deal with.

 

That makes light weight and good handling even more important.

 

You said street and live axle - my vote is triangulated 4-link. Works extremely well in my 2800 pound truck with TCI coilovers, first noticed how well it worked in my 67 GTO, which had the design from the factory. I scaled mine in dimensions and angles from the GTO design, but used DOM tubing and TCI rod ends with poly bushings to make my links. The ride and handling of this system still amazes me on a regular basis, and there is no noise or wheel hop.

 

unless you start messing with the mounts to clear big honkin tires...
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That's funny. I don't care who you are.