Could I use this on my carb'd mustang????

It wont really help that much unless you pair it with an aftermarket ignition system like an msd or a hi-6. Even then it wont help. Your stock ignition system is just fine until you start getting into extreme power adders or nitrous.
 
i don't see why it won't work, it has a positive and negative pin, just like the old one. but i did the hei conversion and i can use any coil i want to as long as it is not cd. the tfi coild is one of the best coils around for stock and i am using it.