For the wheel hop, I think you have 2 main options; the traditional Lakewwod traction bars, or the Caltrac bars. I have no personal experience with either on the 71-73 Mustangs, but I have used them on other vehicles and they work. After you install some set of traction bars, and or resolve your wheel hop situation, then see how the car does on a roll. I would assume that you have a trac-loc differential, as if not that is the first thing you need to get. If the car spins the tires on a roll after you resolve the wheel hop issue, the way I would resolve it is with some sticky tires, some type of street drag radial. There are a bunch of other things you can try, like 90/10 shocks in the front and 50/50 in the rear, loosen your front sway bar or remove it, to get better weight transfer, but that stuff will really affect the way the car handles on the street, and it may not resolve your spinning tires on a roll without some good tires. Street drag radials have 2 main disadvantages, one is that they do not last long, usually the treadwear is 00, and they are not good for driving in the rain, rain should be avoided or you need to drive very slowly with them.
Let other members chime in about their experiences with the traction bars on these cars, and what they recommend.