What is difficult is comparing the cloth. Note that the Precision sails quote includes 2 options, both 8oz, and more than a $500 difference. It is simple enough to know what is better when comparing the same brand/line, but harder when comparing across brands.
The Challenge website lists the Fastnet 8.88 as warp 500/fill 750. Does that make it similar to the 500 series cloth from Precision? IDK.
On cloth weight. I started with 9oz main and 9oz 100%, soon after added a 7.5oz 130%. I learned that 9oz is too heavy for the main. Especially with full batons, it just isn't subject to stretching loads. I think 7.5oz would be about right for the main. What did mine in was UV damage. I can't stress this enough, get a new sail cover. Sunbrella loses its UV blocking ability after a few years. Mine was pretty old, looked fine, but the sail was damaged along the leach where it sat exposed to the sun under the sail cover. It still had great shape but tore apart in my hands while flaking it one day. The body of the sail was still very strong. So, talk to the sailmaker about UV resistance of the cloth.
For the Jib, again, 9oz was a too heavy for the 100%, but 7.5oz was ok for the 130%. Even lighter might be better. Jibs need to be lighter to fly in the wind well. My 7.5oz was quite stretched by the end of my circumnavigation. So, I might look at lighter but more high-tech cloths. They make offshore cruising cloth that is Dacron, but with Kevlar strands mixed in. So, it has superb stretch resistance, but you can go an oz lighter. Lighter will always sail better; it is simply a matter of durability.
FWIW, I bought all Hood Sails in 2016. Main, 100%, 130%, #2 Spinnaker, and Trysail. After the main was damaged (after 25,000 nm on the ocean) I replaced it with a main from Precision. Partly because they were the only loft delivering sails during covid. I got the cheapest the had, since I didn't have many miles left and just needed to get home. I think it was 300 series cloth, and against their advice. It's fine. I don't expect it to last a really long time, but for the day sailing I mostly do now it is perfectly fine. And, I learned to sew my own covers, so that isn't an issue anymore.