Sharad
ALWAYS choose the V over the P!!! Wait... what?
Not to sure about what product people suggest. I have heard about people using UPRs coilover setup but I want nothing to do with them after reading about that "UPR k member = garbage"
UPR is not garbage. We just have a few vocal haters. However, I don't personally suggest coilovers on the rear of a Fox Body, unless you plan to mini-tub. I was running 275s on the back of my fox and they just barely fit, but then when I swapped it to coilovers, the springs stuck out into the wheelwell just enough to contact the sidewalls, and in the end I just chose to mini-tub it. If I could do it all over again, I'd use an adjustable spring kit like this:
http://www.uprproducts.com/mustang-adjustable-spring-mount-springs.html
It gives you the adjustability of coilovers without the hassle of relocating your springs.