Hello darkcobra94,
Here is some information to help you decide. I'm sure others with chime in with more...
Gear ratio: 3.7:1 gives you more top speed than a 5:1. Keep in mind you are not stuck with the drive ratio alone. You can change rear sprocket sizes alter the gearing for your application.
Stage III gearbox: Uses 3 straight cut gears to alter the drive ratio. This gearbox has a ratio of approximately 3.7:1. This gearbox has been noted as being loud due to the straight cut gears (some are louder than others). The stage III gearbox is just like the stage II that it replaced, except that it uses 7 bolts to clamp the gearbox together and is designed to help keep fluid in when running the gearbox wet by using an improved seal at the output shaft. Forum members have tried several different lubricants in the gearbox. Some leak out too easy, some break down fast. Do a search for more info on gearbox lubes. It has a lever operated cable that allows you to engage and disengage the gearbox. Most people that primarily use the engine as their main source of propulsion lock the gearbox in 'engaged' to prevent engaging or disengaging when the engine is running. Engaging the engine at rpm other than '0' do this- the 'dog ears' on the sides of the gears can be torn apart.
4G gearbox: Uses a belt to alter the drive ratio. They come in both 4:1 and 5:1 ratios. The 80T 4:1 ratio box has a one-way bearing in them that have been problematic for some people. The 100T 5:1 gearbox has a solid pulley and a one-way 12T sprocket, which is much more durable. You can purchase a solid 80T pulley and belt to change the gearbox to the 4:1 ratio. Some forum members have experienced "teething issues" with this gearbox but come away happier with it than they were with their stage III (most cases I have read). With the 4G gearbox it is really important how you install the oil-lite bushing and that you keep it lubed properly. Some people have had the 20T pulley come apart from the clutch bell, usually when trying to get an oil-lite busing that has sat in it since it was made. This can easily be remedied with a small tack weld. Other than that it is quieter and more efficient than the stage III gearbox.
For reliability, I like the 4G: stock up on one replacement belt and get an extra oil-lite bushing (or get the one from mcmaster). Put a small tack weld on the clutch bell where the 20T pulley is pressed in. You will be good to go for many miles. The pulleys will never wear out. Only wearable items are the belt, clutch, clutch bell, oil-lite bushing, and bearings that hold the output shaft. I have never heard of the bearings in the output shaft failing (maybe if you had too much belt tension).
Some people using stage III kits (especially users on this site!) have gotten many trouble-free miles out of their gearbox, but being a straight-cut geared transmission, it inherently has more wear.
There is more but I gotta prepare for Turkey day... do some searches- there is a wealth of knowledge on this site.