i've since sold the mustang and recently picked up a '84 corvette, 150k miles, automatic, crossfire injection. It needs body work and new seats but runs and drives just fine. Here's a quick pic of how it looked when I got it.
I will be taking it to work when it starts warming(feb-march) up to do all the body work and paint. I'm gonna shoot it black to keep it original. Engine wise, I'm pulling all the CFI crap off of it and going with a carburetor. So much easier and reliable. A power goal of 350-400whp is about where i would like to end up. I figure heads/cam/intake/carb should get me close, then I'll just use nitrous to fill the gap. More than likely a set of 4.10s in the rear, possibly some c4 zr1 wheels and thats it. (I hope)