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ERA has two distinct rear suspension offerings - both are Jag based IRS with positraction. The "standard" rear is the Jag rear with inboard brakes. More problematic to change pads and don't get cooled as efficiently. ERA then offers their custom racing rear suspension in which oversized brakes are mounted outboard, and all components are mounted in an aluminum sub frame. An absolute work of art. You will generally combine this option with oversized front brakes as well.
I recommend the 5 speed transmission, go with either a 5 speed Tremec TKO 600 or check out the new Richmond Gear Street Strip 5 speed. The Tremec has either a .64 or a .82 OD 5th gear, and the Richmond Gear offers a very nice compromise between these two - something like a .73. The Tremec .64 is great for the 85 mph turnpike driving, but not used very effectively for 60 mph and under driving.
The 427 street seats that ERA builds are the finest in the business, and comfortable. Once you have the ERA rear suspension, street seats, and a good 5 speed transmission, it then becomes motor and stripes or no stripes!! I went with 5 pin knock off wheels from Vintage (in the event I want to get a set of racing tires I can take off the adapters and use bolt ons for track). I have a 289 FIA car and the side exhausts are actually under the car and exit in front of the rear wheels. I had another brand for 2 years and then upgraded to the ERA. Great engineering, great people, tremendous quality.
Have fun and congratulations.
Rick
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