Progress Thread 1989 LX 5.0 convertible - mild project

Hey everybody!
After years of getting detoured by other cars (Jeep CJ, Plymouth Valiant), I finally got my hands on another Mustang!
I had a GT sometime around 30 years ago. I've been jonesin' for a 5.0 for a while. I'm in South Carolina, not far from CLT, and the market here is kinda wild. I found one that checked all the boxes: LX, 5.0, 5 speed and a convertible.

The car came from out of Spartanburg, SC. A small, private car lot took it in on trade about 4 years ago. The lot owner wanted to keep it for himself, but recently realized he'll never get to it.
He adjusted the valves when he got it and saw roller rockers. He installed a new battery, distributor, wires and plugs and got it running. It's definitely been breathed on. Here's what he told me, and what I can determine for myself:

- BBK shorty headers, cat delete, 2.5" exhaust, H-pipe, unknown mufflers
- BBK 70mm throttle body
- smog pump delete
- aluminum heads, but I can't find any markings on them anywhere
- Edelbrock Performer intake
- unknown cam
- per his words "Stage II clutch" (it definitely has some pressure behind it)
- unknown rear gears
- It feels like it has a short shifter in it.

All power windows work. Power top works. I suspect the top may have been replaced in the not too distant past. Other than being dirty, it's in great shape, fits tight, and I can see some unused staples behind the rear seat and some plastic (like for protection during shipping) around the window frame.

I'm not crazy about the hood and will be replacing it with, most likely, something stock.
The interior is in better than average shape to be what, I think, is original. I'm missing one seat belt bracket for the drivers side, but the seats sure aren't torn up or worn like so many I see.
All lights and gauges work. Power mirrors don't seem to work, but I haven't investigated it yet.
The car came with new rubber side moulding in the trunk, as well as new weld-in subframe connectors.

Immediate plans are fresh fluids throughout, just to get a baseline.
The car seems to run good, but most of the gas is old (about half a tank). What do you think about filling it up with some fresh 93-octane and maybe some octane booster and just run it?

Oh, yeah ... it has staggered SVE 17" wheels, too. The tires are old (2011 date code) and show some cracking, so I'll definitely replace them ASAP, too.

The car is far from perfect, with a few dings here and there. And it definitely needs a wash/buff/waxing. I'll probably rock it like this for a while and then get all the dings fixed and the replacement hood painted.

The underside is in great shape. All sills, jack points, floor pans, etc., are like new and not undercoated.

I noticed something in the passenger wheel well, behind the plastic liner. Is there supposed to be some sort of insulation in there, or have mice made a nest?
Horrible pics, I know, but there's a gray-ish material in there, almost like you'd see under a carpet. Sort of wool-like.

And an engine pic. A/C needs a charge, of course. It has a Kenny Brown strut tower brace.

Oddly enough, with all of the performance mods it has, it appears to still have the snorkel and stock pulleys.

I've got a lot of cleaning to do, and I'll get rid of a lot of the spiral wire covers, etc.

Other future plans include a nice stereo (for an old man, not for bass thumping contests) and I just love the looks of the Hurst shifter handle in a Foxbody.

Oddly, it doesn't seem to have rear speakers, only dash and doors. How hard is it to add rear speakers in a 'vert if they weren't installed at the factory?
Are there brackets behind the grills? On eBay, I only see brackets for '94-04 cars. Only grills for the earlier Foxes.


I'm open to all praise and criticism! While I've ALWAYS loved a Mustang, I sure have a lot to learn, and I'm not afraid to admit it!