I finally got my rear axle apart and I have been looking at my options. I'm trying to figure out what my most cost effective course of action would be. Right now, it has a stock (from what I can tell) 10 bolt, non limited slip in it right now (with the blackest, stinkiest fluid in it I've ever seen.)

I did some research and, from what I can tell, I have 2 options:

Beef up the current axle, as detailed here:
Beefing Up The 10-bolt From A Second-Gen Camaro - Camaro Performers Magazine

The second is completely replace it with a 12 bolt or, a Ford rear.

Right now, I'm leaning towards the beef up. I wanted to get some more opinions on the situation though, from those with more experience then I have.

 

If money wasn't an issue I'd find a 12 bolt posi, with the right gears, and drop it in. But if money was tight I wouldn't feel bad beefing up a 8.5 ten bolt at all. A 9" Ford is a great choice also, as is the newer 8.8" Ford, which is a copy of the 12 bolt GM rear. I was shocked when I opened my 8.8" Ford and saw what looked exactly like a GM 12 bolt internals, except for the larger 31 spine axles.
If you have any plans to possibly narrow a rear axle for big tires, then my first choice would be the 8.8" Ford Explorer rear end. It's as strong as the 12 bolt, and with it's offset center you can cut the long side down to match the short side, and then drop a stock short side axle into the housing to make it 55" wide, and it costs about $50 to narrow, plus an axle from the junkyard.

 

I'm not sure on the larger rears yet. Cost wise, it looks like doing an Explorer rear is actually slightly less then beefing up the existing setup. The only thing I'm concerned about is, once something from a Ford touches the Chevy, unleashing Cathulu and his minions to lay waste upon the lands...starting with me.

On the other hand, since it's coming out of a Ford, there should be thousands of them.

 

I'd say keep the 8.5. They are pretty stout rear ends even in stock form. Built up and they can handle a lot of abuse. That's why I decided for a 8.5 build for the 93. It's still GM, enough strength to handle what I'll do throw at it, while still being cheaper than a 12 bolt.

 

I'm still deciding between the 2 honestly. An Explorer rear end looks to run around 400$. I'd probably end up spending around 600$ to get it all said and done. On top of that, if I can find one with discs already, that is savings as well. There isn't one in the usual junk yard that I use (Spaldings auto.) There are a few others I can check as well and, there is always Ebay.

 

All the pick n pulls around Portland get $200 for a Explorer rearend with discs or drums in 3.73 or 4.10 limited slip. We just pulled another a couple weeks ago to drop under my buddy's '69 Nova project. Wish we'd waited though, as this week all rear axles were half off, and he could have gotten it for $100!
There's really not much needed to make an Explorer rear axle work in the Camaro, other than welding spring perches on, and cutting off brackets. I love the 8.5" ten bolt GM, but it doesn't have the size of the 8.8", and especially not the physical size axles of the 8.8"! If there's a weak point in the 10 bolt GM rearend it's the axles. They actually are smaller diameter than the splined ends, and if you're putting serious power to a 10 bolt it should have a good pair of aftermarket axles installed.
I built up the 8.5" in my Camaro to handle the 427, and with a new posi, C clip eliminators, and Dutchman axles, it was unbreakable. But the cost of all that was well over $1,000 and if I had it to do over I would swap rearends.
And I feel the same way about Fords as you feel! But I put an 8.8" in my '63 Falcon gasser with 464 BBC and Super T10. Was a no brainer to me to spend $175 for it, or build up anything else. I even had a 9" Ford axle that just needed a third member, but the third member cost twice what the 8.8" cost, so I sold the 9".

 

I would just rebuild you 8.5 rear end they are plenty strong enough. I rebuilt my original 8.5 with a Moroso 8.5 equivilent of a "Brute Strength "center section ,GM 3:42 gears, and Moser 30 spline axles. Of which I later added 12" Baer disc brakes. And this has taken the abuse of supercharged four speed making 500 HP plus horsepower engine /trans combo. Pro-touring 1979 Z-28 RS Camaro.