If you can afford them go with selectable lockers f&r. I have many years experience with ARB Airlockers and the air lines can become a problem if not properly routed or maintained. A leaking air line will cause the locker not to engage or disengage unexpectedly and if your on the gas when locker gets enough psi to reengage you risk major damage. That being said the key is to properly maintain the system, ARB makes a very strong product. I do not have any experience with electric or cable lockers but I have heard great things about them. Toyota has been using Lockers in the Land Cruisers for over 20 years and other manufactures like Nissan and Ford also have an e-locker option.
If you're on a limited budget and can learn to drive with spooled/welded rear then that is your cheapest route. As others have mentioned this will lead to premature tire wheel as you will dragging a tire in sharp turns and if the road (pavement) is wet the rear will get squirrelly if you have a heavy right foot. I have never run either of these know a lot of people do but not on a daily driven rig and rarely in the front because it makes turning a PITA.
The Lunchbox type locker such as the Lock-Right and EZ Locker are installed inside your carrier replacing all spider gears. I ran a EZ Locker in the rear of a 84 Toyota Pickup with 33"s and it was a learning experience, it makes a loud clicking/popping sound on the street when turning and would lockup unexpectedly. I think that this would a great choice for the front not I wouldn't use one in the rear of a DD rig.
If your budget allows then this would the ideal time to re-gear since the only extra labor involved would be replacing the pinion gear and setting up the new gears. You would also have to break them in by driving at set speeds for a period of time as set by gear manufacture.
In my 4Runner I am running a ARB airlocker in the front and a full Detroit locker in the rear. I did daily drive for a a couple of years without any issues. Having the airlocker in the front allows me to make tight turns on the trail by disengaging the locker, a fully locked front wants to push forward rather then turn.
Lockers a stock rig can make a ton difference, I have seen a stock YJ on 30" street tires with ARB's go places that a non-locked and rear locked Jeeps on 33"s couldn't.
Good Luck