A few questions about rocker arms

You have pedestal RR's. Your best choice would be 1.7's because they will add .30 of lift to your stock cam. More POWER!!!! The 93-95 Cobra/Crane RR's will fit under the stock Mustang valve covers too. You can usually find a set on ebay for about $120-$150. I just sold a set a week ago for a stock Mustang.

#1- Do i have STUD mount or PEDESTAL mount rocker arms?
Pedestal
#2- Are 1.7 roller rocker arms a good choice since I plan to keep my stock cam?
Yes. Very much so. Be sure to check for coil bind.
#3-What length pushrods do i need to use? Can i use the stock-length FRPP hardened pushrods? Do i need guideplates?
You are going to have to check. You can probably reuse the stockers. You do not need hardened pushrods. No, you don't need guideplates.
#4- Are shims required for adjustment?
Shims on pedestal rockers are just bandaids for incorrect length pushrods. If you do need shims, go and get the right size pushrods.
#5- Will my valve covers fit the FRPP 1.7s? If not will a Cobra valve cover give me enough rocker arm clearance?
I believe they will fit. Make sure you search to be sure
#6- How do i check for valve clearance?
The only way you can is to pull the heads and clay the pistons.
#7- How hard is the install and on average how long does it take?
Taking your time, you can count on it being an afternoon project. Some can do it in 30-45 minutes.

Joe

1.7 is a good ratio cause it will give you more lift...however, I put 1.7's on my car and I get valve overlap with the stock cam (1995 GT). I am running aftermarket Heads and intake, so I'm not sure if that makes a difference, but it might.
I think you can just use the stock pushrods, since you're not changing the valve springs.
I don't know about guide plates at all.
Most RR won't fit under stock valve covers. Find some that do, or just go with 1.6's...they'll help you and you will have less to deal with.
When installing them, simply tighten them down till you don't feel any play in the pushrod, then tighten them down another 1/2 to 3/4 of a turn.
Installation time will vary, depends if you've ever taken appart a motor. It's pretty straight forward, but definitly a pain, might as well swap intakes while you're at it. If you're good, it'll take you a day, it could take you up to three days, depending if you have all the right tools and don't run into any problems. If you can mannage to get to them without taking the intake and otherthings off, it'll take you around an hour.
If you have any questions just post em'

Spend your money somewhere else.

Stock E7 valve springs don't like the added ratio and weight of 1.7 rockers. You will most likely not gain any or loose a bit of power with the 1.7's. In theory they are great but reality is a much different game.

I agree with TMC, upgrade other areas first, Just save up for a nice set of alum. heads.

I'm gonna say you might wanna look down the road with your combo and think about your choice of heads.

If you are gonna get some aluminum heads you prob will want stud rr's. The ped rr's you usually put on E7's and the like don't give much gain even if you do move to the 1.7 ratio.

If you get the ped rr's now you will not have the better of the two types of rr's to put on your new heads.

Later
Grady