Yup - do whatever you want with it, but don't complain when you want to sell it and nobody wants it because it's all hacked up and incomplete. :nice:
Looks like you'll be keeping it until you listen to what a majority of us are saying.
It can...depends on what wheels you want to run. Here's the best way to figure out what you need:
79-93 5 Lug Ford Fox Body Mustang Conversions
Granted it's for 87-93 Stangs but it will help you understand their factory setups and help you choose what to do.