Driveshafts are easy to install/remove. Most cars have bolted side on the rear end and a slip off area on the tranny output shaft, I haven't done a Mustang yet and I am too lazy to see how exactly these cars are set up. People get them for many reasons, one would be the less weight, but also, since it is a rotating component, it absorbs up less energy from the engine due to a lighter rotating mass, so you get more power to the ground. Good idea, yes, even better idea, carbon fiber. it's stronger and safer, but if you hit it sideways, its toast., or if you scratch it. Aluminum would be best for the street, less t worry bout. Cost, depends on the quality you want, as with everything else, I've seen them fro 150 (cheap wouldn't touch with a stick) to 300 bucks. You could probably get a good deal on one on ebay, but personally I would just buy new.
Just remember, be careful with the driveshaft and don't ding it at all. Mark the old one when removing it (just incase you want to reinstall it so you won't get a vibration), and if you get a vibration when you install the new one, your 180 deg out of phase, or just rotate the driveshaft 180 deg and the problem should go away.