I'm all for a 200 buck body. That was a steal. Are you going stick or automatic ? To go carbed you don't need a whole lot. Well, not that much.
1. Double hump trans cross member
2. Low pressure carb fuel pump (external)
3. A ford distributor with vacuum advance
4. Carb intake
5. V8 exhaust
6. Sub frame connectors with seat braces
7. Bigger radiator
8. Good 302
9. Headers (exhaust manifolds)
10. V8 ignition coil
11. V8 flywheel
12. V8 block to trans plate
13. V8 starter (1994 - 95 gt starter)
14. accessory bracket for alternator and power steering.
15. V8 alternator ( I used a 1996 3.8 Ford Taurus one with a 1995 ford escort alternator pulley)...the pulley swap just spun it faster.
16. V8 front springs
17. V8 front spindles and brakes.
There's probably some stuff I forgot. Any 302 5.0 motor will work but the oil pan has to be changed to fit a mustang. Its not bad if you have Craigslist or a junkyard near you. My 88 ford e150 van has the same accessory brackets as my mustang. I used front brake rotors brakes and spindles from a 95 mustang...used a master cylinder and proportion valve from a 98 mustang when I swapped a 1998 gt rear with disc brakes into one of my cars.
I've seen people run with the stock 4cyl springs and brakes, but the cars don't handle well....at some point you'll stop but I like being able to stop on demand
You don't have to change the rear end 7.5 to an 8.8 but I would. The rear
control arms are all the same. The driveshafts in the 4 cylinder automatic won't work in a v8. However, the 4 cylinder 5 speed will work in a v8 ( just change the bell housing) the 4 cylinder driveshaft will work with a v8 5 speed.