It is actually a beautiful car good paint and interior just a shame that this happened to it.
I have the opposite problem, 95GT, 5.0 5spd, 180,000+, looks like crap, runs great,
Ok, I don't have any diagnostic advice, but kinda sounds like it could be a blown head gasket, water in the pan is a serious concern. How mechanically inclined are you? I have NEVER had any auto mechanic training, but the only time any cars of mine have been in a shop, ever, was for something I didn't have the equipment for, or, something I didn't feel like doing myself, ( alignment, and a clutch installation, because I didn't feel like crawling around on the ground, (he had a garage, I don't)). but honestly, between you tube videos, and a manual, almost anybody mechanically inclined can fix their car. I assume you have a repair manual? I have both Chilton, & Haynes, and a factory manual on CD rom, something not fully explained in one, could be clarified in another. Do you know anybody who is, not necessarily a mechanic, mechanically inclined, who could help you? I wish I could help more, most of my experience is with these cars my 95GT 5.0.
I would hate to see a fellow Mustang owner get rid their ride due to mechanical problems.
Do you have alternate transportation?
Not much help here I know, more of a pep talk I guess.
When you get it worked out, let us know.