First, what are you looking at for speeds when racing? I've got 4.88's and am on 31's and other than being good off the line, it would suck for racing. I can barely get to 60 on the highway. Like 53guy said, 4.88's are overkill.
Second, having compared the D30 in my 95 XJ to the D44 in my dad's Rubicon, I would say your money would be much better spent on your 30. Like 12GuageXJ said, "Get chromo shafts for it, truss it, gear it, lock it, and have fun."
And for the rear, if you're still set on 4.88's, go XJ44 or look at an 8.8. If you're willing to go to 4.56's, an 8.25 would hold up fine if you do it right. I've seen a 27 spline with 4.56's, chromo shafts, and a locker hold up to 35" tires with no problem.