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For reliability and all around nice manners, I would stick with the live axle. If you are an extremely advanced driver and are headed for an SCCA road course, the independent is the best.
If you do a search here at CC for IRS failures and read the stories, you might not be so gungho about an IRS. Things break. Cars roll...
The best suspension geometry for a live axle is a 4 bar with panhard or watts link. These are virtually bullit proof and much less expensive. Handling at +1g will be slightly deminished however.
Forget the 3 link, it will wheel hop like the energizer bunny.
But if you are indeed Mario/AJ junior then go for the IRS.
Oh, an IRS is a high mantenance item. Ignore it for too long and it can literally come apart on you.
Again, it dependes on who you are, and what you will do with the car.
Good Luck!
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