You'll never get a consensus on this issue. IMO, not one of the replies you get to this post will be worth a crap unless we also know more specifics about your car, and more importantly, how you use it. These things matter, regardless of what anybody says.
But without this information, I will say this:
1. It's not the HP or torque you make, but what can be put to the ground.
2. A stock 8" (or any other rear) is not as strong as a well built one. If you build an 8", make sure it is the one with the extra webbing, and install 4 spiders and high quality components.
3. The torque rating of a T-5 is based on a Ford durability test. It is NOT an indication of the yield strength of the T-5. In my experience with durability and strength testing, a safety factor of 2-2.5 is common. I can't say this applies to the 8" or the T-5, but it probably does.
4. The T-5 is an easier install than a TKO, and the 8" is significantly lighter than a 9", and the weight savings is in unsprung weight, which will matter to you if you want your car to handle.
5. Many things like this get blown out of proportion. Just yesterday there was a post about single versus 4 piston calipers. It's amazing how many people just blindly believe that something is needed just because it is better, more complex, or more expensive. Another little story - I once had an exciting debate with a friend about the difference in the cam gear on his Porsche and the one on my Honda. His was machined steel and mine was stamped. He claimed his was better, and I claimed that since mine does the job, and has never failed, and my Honda is actually a more efficient engine than his Porsche, his was a waste of money. I could be wrong, so you decide. When I'm desiging something in my job or personally, I always take the approach that the product used should be good enough to fulfill it's purpose to the owner, and no more. Anything else is a waste of money.
5. You have a T-5, right? My suggestion would be to use it. If you have an 8", my suggestion would be to use it. If you are starting from scratch, have the money and want to make sure your combo is bulletproof, use a stronger trans and rearend.
I'm using an 8" and a "Z" T-5 in my car. Sometime next year it will recieve a 400-500 hp engine. I'm gonna run these parts because I have them, they are well built and I'm not a drag racer. If they blow, then I'll replace them.
Most importantly, this is the internet, and you'll always get guys pretending to be experts when they are not. I'm not accusing anyone here of that, and it could just as easily be me, but it is something you should always be aware of. Just food for thought.