Alright fellas, lemme put my 1986 pants on...
If you dig the 4-eye thing, the '86 is your best possible option. All the supporting components for EFI are there, it has the 8.8" rear end, comes with dual exhaust, T-5 and all the other fancy things the newer 5.0s (87-93) came with, for the most part. If you really get so far as to wanting new heads or cam, some cams can be made to work, but you might as well do a rebuild with new (notched) pistons. Eh. It does kinda suck.
THAT BEING SAID, if you're not a die hard 4-eye man, then avoid them all together, because finding a good example is getting harder with time, and some of the older ones came with really poor components (7.5" rear end, single pipe exhaust, CFI, wimpy carbed setups, etc), and are not so easy to find aftermarket parts for.
So really, I'd say do some shopping and find an unmolested 90-92 notch, as some of those cars will have the pony wheels on them and look good from the get go. They also have mass air metering, and there is nothing wrong with having an airbag in a V-8 car that weighs 3000 lbs.