I run a king cobra clutch with a standard flywheel in my 79. The t5 has some basic mods to help keep it together. Engine is a fairly warm 331 stroker with aluminum heads. I figure it's putting a bit over 300hp to the wheels. It's always been my understanding that a lightweight flywheel causes some issues that aren't all that great for street manners, which is why i went with a stock style. I don't personally have experience with it, so others very well may dispute that argument.
As for the performance clutch, it depends on what level you're wanting. I have driven cars with aggressive clutches and while they were somewhat annoying for cruising, my biggest issue in this case is destroying the stock t5. I love t5's but they have their problems. They don't like "shock" from hard launches. To reduce shock, a fairy mild clutch should be used. Also, drag radials or any hard tires that hook during a hard launch can kill them. They tend to do better with bias ply slicks that have flexible sidewalls. A taller/factory gear is another thing that will put stress on them. Swapping to a lower ratio (3.73 or 4.10) will add to their longevity... and give you a noticeably harder launch.
There are a ton of good clutches out there. McCloud is making excellent clutches, but a little spendy. The king cobra (made by valeo) that I'm using is good, but cheaper. I'm on my 2nd one in 2 different cars and no problems yet. Note: there are 2 different versions. Mine is the one rated, iirc, for 600hp. I will say that the clutch doesn't seem very harsh. If i had 600hp, I'd buy a more aggressive clutch and a much better transmission.
That's my $.02 anyway!