I have done this, upgraded to 7.5's before getting a 1275 and I reckon it is by far the best thing I've done performance wise. You can drive the car with much more confidence, brake later and not have to worry about fade. My drums were in good condition and stopped well, but discs transformed the car.
Yes you can use other discs types like 8.4's but you will then need bigger wheels which will add to the cost.
If you are running on 10's then Cooper S 7.5's or Cooper 7" are a must, the later being OK apparently (just slightly better than drums).
No need for booster, you can have one but they work just as well as is.
You can buy a brand new set of 7.5's for about $1600-1700. Highly recommend that you do this as apposed to buying second hand sets for $800+ and having to spend a further $600 to rebuild/rekit everything depending on what state they are in (been there, done that, spent $1400 on a second hand set and a lot of heartache only to end up with... second hand brakes

).
Also you will have to change the rear brake cylinders as well to smaller Cooper S cylinders or risk locking up the back brakes before the front lock up. So keep that in mind as it will mean more cash...
In the end it is worthwhile. Pretty cheap when you think about it. If you were converting say, a commodore it will cost double maybe tripple that price
