OK, I'm not new to offroading but this is will my first build up. I have a 81 CJ7 thats bone stock except for the engine (94 fuel injected I-6). So here's my plan:
1) Swap axles to dana 44 frt/rear (gears tbd).
2) Supension lift to accomodate 37's. If a body lift is also needed then no more than 1.5".
3) Upgrade steering and brakes accordingly.

So assuming 37's what gear ratio? This is not my daily driver but will need to be driven on road to get it to trails and such.

Even though we get a fair amount of mud here in Oregon I want a great trail/moderate rock crawler.So with my list of intentions in mind what should I get and what order? I have about 15K to spend. Please don't tell me to buy a TJ if I wanted one I'd buy one.  

what tranny and transfer case are you running?  

Great start while you are swapping axles and gears do not forget lockers. I prefer selectable locker, OX locker is one I have had good luck with and cheap, but any locker is better than open. Be careful with your lift I have had a lot of shops tell me to run 35 I had to put 6in of lift on a CJ, I fit 35 with 0 rub with a spring over and a long shackles. CJ’s are very short wheel base and are prone to getting top heavy and adding to much lift will make it worse. Also cutting fenders is easy and safe way to make clearance.

As for gears I would say 4.88, but it would depend on trans and transfer case gears.

As a note if you ever plan on going with a V-8 swap I would get bigger axles, I have broken a couple of 44 with 35 and a about 375hp in a CJ 5. I have a heavy right foot to so that did not help.  

did somebody just say oregon mud? LOL

5:13's will do, the d44's is another story.....
O yeah, whats wrong with a TJ?  

I'd run 4:88's for no larger than 35's even if you have granny box  

tranny: 4 speed man. Dunno what model (stock for 81 with 258 IL 6)

Transfer: dana 300

I have no intentions of a V-8 swap...  but who knows?
If I did an engine swap it'd be a amc 401.  

have you read the "low down" article on jpmagazine.com?

I can put link to it up later. it's very close to what you seem to want.  

if you are running the stock 4 speed 4.88's would be just right for trails and daily driving. only if it's gonna be for strictly climbing should you go any lower than that  

I would agree on the 4:88's for a daily driver and/or v-8 power, the six is short on grunt,
I have a six w/4spd 4:88's and 35's, it stinks even on a trail.
(thats my personal experience)

4:88's will get you buy, for 15g's build it right, consider a nv4500 or even a 700r4 auto along with an atlas 3.8 t-case, the stock 4spd and the 300 will bring you a lot of trouble down the road turning 37's  

OK...   nothing wrong with a TJ. I am just tired of hearing people tell me I should get one instead of working on the CJ I already own.

As for tranny and transfer swap... nv4500 sounds good but at what expense? and is it a simple bolt up? The atlas sounds good too except that if I am going to that trouble and money I'd have to go with 5:1 on it.  

5.1, thats wild, have you seen the 8.1 triple range? it has all three ratio's

the nv4500's aren't that spendy....could buy a whole chevy 2500 for 2g's and use the tbi 350 and the nv4500 along with the atlas 3.8 then pawn the rest for some more parts money......whats up with the 401?  

Ok, I lied, it's a 10.34 to1 LOL

heres a link to a thread on it, I'm sure yo can find it on atlas' web site.  

another link for the low down,
I know, it's a YJ, about the same as a cj-7 all around. this thing is capable of 37's and very low center of gravity, it is on 35's with 4:56 gears, It also has the power plant to turn them. good article to read for anyone building a cj or YJ.