As one who has driven in the snow, and has owned several fox body stangs, and now owns a 95 GT; I'd say that you could do it if you consider the following...
1) 94-95s are simply a better starting platform so get one of those.
2) get a nice battery relocation kit and put the battery in the trunk for more weight over rear axles in rain & snow.
3) replace all steering link & sway bar bushings with urethane bushings for better traction.
4) highly consider rear upper and lower control arms for better traction.
5) get an adjustable pan hard bar to eliminate lateral slop. If you add a torque arm & a pan hard bar you can eliminate the upper control arms and quad shocks.
6) get weld in subframe connectors to keep chassis rigid.
7) get a set of snow tires for the winter.
8) limit rear end gearing to 327 or maybe 355 if you can control your foot in the winter.
9) make sure shocks & struts are in good shape & get an alignment.
If you get these modifications your car will do better in the snow than some front wheel drive cars. Side note: highway patrol still uses rear wheel drive in CT. Maybe in your state too? Anyhow, you should be fine in the snow and driving in the summer will be like your car is on rails!
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I had a 2001 GT as a DD and it was a blast to drive. Doesn't compare to the wife's 2013, but leap years ahead of the Fox body for comfort, safety, and technology. I threw a CAI, gears, TB, exhaust, and a chip in it, and drove it for 3 years without one problem.
My 96 vert averaged 21-23 between highway and city, not too bad and like @mikestang63 said was a blast to drive (Exhaust only). I'll take my 2011 F250 Diesel as a d/d over driving a mustang everyday. Now if we are talking about banging gears around town, then Mustang is the WINNER!
I DD my 94 GT from aug 2006 till may 2007 when I had finally had enough. During a heavy snow storm a 40 minute drive turned into a 3 hour drive as all my back wheels did was spin and they had new tires. I tried starting in first gear and the tires spun and then tried starting in second and the tires spun faster. My mustang is a weekend only car and has been for over 6 years now. My car is lowered and has KYB AGX suspension set to the softest setting and the car still rides like a rock, I can really feel it when I get back into my current DD.
Really, I did DD every winter for years. If it's your only car and you love driving it, you can do anything you set your mind to.
My comment wasn't to offend anyone. I know most drivers don't want to chance wreaking there Mustang in adverse conditions and just purchase another car or truck. I just chose not too and giving some other real life experiences /choices to the OP.
HTH's.