For most people, it comes down to personal preference, especially for a street car. The gears really only have about a 5% difference between the two sets. Consider that to be 100-150 rpm difference in cruise RPM.
I'd suggest 3.73s, I enjoy mine, and will give you that much more acceleration ability over the 3.55s. I wouldn't go any higher than 3.73s (4.10s for example), a street car with a mild motor and stock T5 gearing can't really take full advantage of them, though again, that's partly personal opinion.

They are both good gears. Depends what you're looking for? 3.73s will really liven the car up. Personally i was going to get 3.55s then i was talked out of them at the shop i was going to have them put into. A guy was there telling about all the mustangs he has owned and how the 3.73 were one of the best gears. The 3.55s don't really do that much over the stock gears.
3.55's do a lot over the stock gears. 3.73's are only a little bit different than 3.55's.With 3.73's and a 3.35 first gear in a T5, first gear will be of little use racing except to make smoke. It is too short to get any speed out of it before you need to shift to second. If you want 3.73 gears, you will be best off with a T5 with a 2.95 first gear or a Treme TKO 600 with a 2.87 first gear.
The 3.55's will top out in fourth gear (about 5200-5500 RPM) just as you cross over the quarter mile mark in most Mustangs with stock height tires. That keeps you from needing to shift to 5th and a big RPM and power drop.
Here's the math, so use it rather than someone's opinion. Opinions are like noses, everyone has at least one...
This chart assumes stock height tires (25.6")
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I had 3.73's until the differential blew up and damaged the gears as well. I was running out of gear at the track so I switched to 3.55's with the new differential. The difference is subtle at best, though I have noticed that 1st gear is somewhat more useful than before. I don't lack for torque with the KB though![]()
A KB Cougar, nice...Ive never seen one of those before.