http://home.pon.net/hunnicutt/history_79_93.htm
Looks like this site clears some things up. Had to search for a while to find it
1979
The Fox-body Mustang based on the Fairmont intermediate-sized platform was introduced with MacPherson-struts in front and a live rear axle. Although larger than the Mustang II it weighed less. Ford offered two performance options—a 302 2bbl and a turbocharged 2.3L four cylinder
1980-81
For fuel economy reasons the V8 was de-bored to 4.2L and only an auto tranny was available because of emission and fuel economy problems. HP and torque dropped significantly from '79. Only 5,000 V8 Mustangs were sold in '81
1982
The 5.0L was back for 4-speed cars only. The GT model returned for the first time since 1969. The GT had a more sporting
suspension setup and a 3.08:1 rear axle. The return of the 5.0L was thought by Ford to be a temporary measure. The performance engine of the future was to be the fuel-injected turbocharged four cylinder.
Base price for a GT was $8400.
1983
Available late in the year the Turbo GT 2.3L four cylinder with EFI had 145 HP. The V8 came with a 4 bbl carb, better cam, and better breathing. The Borg-Warner T5 five-speed introduced. Tire size went from 185/75R14 on the '82 to 205/70R14
1984
A quad-shock rear
suspension replaced the traction bars mid-year. Variable rate springs and gas shocks were introduced. Last year for the GT turbo four cylinder.
An SVO model was introduced with a 175 HP turbo four with throttle body fuel injection. It had Koni shocks, larger anti-sway bars, four-wheel disc brakes, 16-inch wheels, a
Hurst shifter and Recaro seats. When Road & Track first reviewed the SVO in '83 they said, "This may be the best all-around car for the enthusiast ever produced by the U.S. industry."
1985
Roller lifters, new camshaft and a freer breathing exhaust with tubular headers were introduced. The last year for the carburetor. The 5-speed got tall 2.73:1 gears, but first gear was lower.
1986
EFI with speed density air intake, dual exhaust, but more restrictive heads. The 7.5-inch rear end was replaced by the sturdier 8.8 inch. The compression ratio went up from 8.4 to 9.2:1. Horsepower was down in ’86 compared to ’85, but torque increased.
Last year for the SVO. A total of 10,000 were produced between '84 and '86.
1987
The restrictive heads were replaced and a bigger throttle body was added along with cam, intake and exhaust manifold changes to increase HP by 25. An air silencer was placed upstream from the filter at the cost of a couple HP. Compression ratio was 9.0:1.
Bigger front disc brakes. Wheels were 15 x 7 inches.
The car was about 180 inches long, an inch shorter than the original Mustang.
Base price for a GT was $11,300.
1988
In California the Speed Density intake was replaced by the "smarter" Mass Air metering. This improved drivability, emissions, and fuel economy, but with a slight drop in HP. Mass Air has better flexibility for moderate to large HP upgrades because the computer can adjust to modifications.
1989-90
Mass Air for all 5.0’s. A minor cam change to quiet the valve train cost a couple of HP.
1991-92
16 x 7 inch wheels introduced in '91.
Generally, the '89 through '92's are considered the best for adding engine modifications. The combination of stronger block, MAF, better heads and forged pistons (pre-'85's and the'93's had cast pistons) make these easier to modify and more reliable
1993
The last of the Fox-bodied Mustangs. The published HP was now 205 though there was no specific change causing the drop, just an accumulation of changes from previous years and Ford decided to publish "honest" numbers. The GT-40 equipped Cobra was conservatively rated at 235 HP. A very limited edition Cobra R of 107 cars deleted A/C, the stereo and the back seat and added better brakes and a stiffer
suspension.
Base price for a '93 GT was $15050.