I've had the 3550, TKO, and 4 T56s.
If you're going big power, you'll want the T56. Yeah, I'll go with gear grabber's ~650+ as a rough guess at the crossover. That said, a TKO *can* handle more than it's rated for. I made 762 to the tire with one and did not have any problems. I didn't test it on slicks, though.
IMO, there are 2 big reasons to go T56: First is the power. There are 1200hp capable T56 units out there. They are using high-end gears from G-force, but they can be put directly into a standard T56. Second, the 0.50:1 6th gear. I disagree wholeheartedly with the sentiment that it's too much gear. That's bogus. When you go to a 3.73 or 4.10 gear, 6th gear is very useful on the highway. So, if you want the rear gear and you want a comfortable highway gear, then the .50 6th is a good match.
Plenty of the T56s, like the 03-04 Cobra T56s, come with .63 6th gear ratios, which IMO defeats the purpose of having that extra gear. The T5 and TKO have 0.68 5th gears. That's only a few percent difference unless you go to the .5:1 6th gear T56. The only way I can understand this play is if you really need that .83 5th gear for some reason, but I think that's a very small minority of folks who are racing into 5th. A 10-spline input also defeats the purpose too. If you get a 10-spline T56 with the .63 6th gear, you have limited yourself to less power than a TKO is good for, and the overdrive is not significantly different. That would be a waste of money, IMO.
Last, I'm a little confused about the shifting differences. My 3550 shifted very nicely. The TKO, however, was notchy as hell. I've heard of issues with the shift rails in the TKOs. All that said, all 4 of my T56s shifted wonderfully.
The bellhousing shim might not be necessary with a single disc clutch. However, if you go with the McLeod twin disc, you'll need one. No big deal, really. It's a cheap part made by quicktime, I believe. If you get this far, send me or raceoholic a message and we'll direct you to the right part.