Personally I wouldn't mess with it, Crown Vic and T-bird engines were non HO. I'd look for a wrecked Mustang to raid the engine/trans/harness from.

Depending on how serious you want to get with the engine, the fact that the engine is a non-HO motor may not matter. The biggest difference is the firing order, and that can be changed with a cam swap. I'm pretty sure the crank/rods are different than an HO but again, if you're going to build a stroker or something like that and just want an engine to start with, then it's no different (assuming you're swapping internals anyways).
) You might have to do some searching but i've seen them in junkyards for as little as $350 complete, and you CAN'T beat that for the parts you get. I've got a friend who has one in his coupe with a home made turbo kit running 10.25 in the quarter! Basically just great potential.If you ask me, if you're looking for a good EFI 302, look no further than a '97-98 Explorer 302. You'll get GT40P heads, and a cast version of the GT40 intake. It'll be a tad faster than a basic 302 with the better heads and intake, but still manageable. (i've seen these engines in Mustangs run mid 12s all day long with nothing more than a cam swap and slicks) You might have to do some searching but i've seen them in junkyards for as little as $350 complete, and you CAN'T beat that for the parts you get. I've got a friend who has one in his coupe with a home made turbo kit running 10.25 in the quarter! Basically just great potential.
Thats a good choice there too. A good running explorer engine should probably be mid 13-high 13s depending on the driver on street tires, and gear ratios. While it would be pretty peppy for a new driver, if he has any sense, he should manage. A 89-93 may be a easier choice though, since the wiring, engine, etc is there in the car.
I'm assuming you're asking about leaving the Crown Vic accessories? If so, then you would need to swap over your Fox accessories and brackets if you still have them. The Crown Vic runs a different setup with specific brackets: standard rotation water pump, alternator on upper driver's side, A/C compressor on upper passenger's side. The Crown Vic setup also isn't as compact as the Mustang's serpentine system, owing to the greater amount of space under the hood of a Crown Vic.This is in almost exactly what I'm doing with my 88 GT. I have a question though, if I stay with the Crown Vic motor, will I need to change the whole front rotating assembly/accessory drive?
No worries. You can also get the correct accessory brackets from a Lincoln Mark VII or an '86-'88 Cougar or Thunderbird with the 5.0. Those may be easier to locate in junkyards than a 5.0 Fox Mustang.Ok cool. Unfortunately I don't have the original brackets and everything since I got the mustang as a shell. I'll hit up a junk yard or something. Thank you for the responses guys, I didn't realize the thread was 12 years old until after I posted that first comment.