You will need....
1. A carb (obviously). Holley is recommended for their insane tunability. I'd say a 600 or 650 double pumper since you have MT. For some extra gas milage, go vacuum secondaries (holley street avenger 670). Smaller is better or you will have no vacuum signal and it will run like crap. I went from a 670 to a 600 and _what a difference_.
2. An intake. I have the edelbrock performer and I am happy with it.
3. Distributor. The TFI equipped stock unit will no longer work. Get an 85 mustang distributor or an earlier 302 unit and a steel drive gear. The gear is crucial since the iron gears will _shred_ within a day or two.
4. Ignition system. Get a duraspark or something like an MSD unit that will hook up to the magnetic pickup on the distributor. Get a coil too, you might as well, theyre cheap enough
5. Timing chain cover that accepts the mechanical fuel pump. FMS has one. The stock one has the depression but the back panel is not cut out and the two holes are not tapped for the bolts. It could be modified I guess.
6. Eccentric for the cam to drive the pump
7. Mechanical fuel pump. Dont go electric!!! I tortured myself for weeks trying to get the pressure right with not one but two inline regulators. Save yourself the grey hairs and make the fuel system mechanical as well as the motor.
8. Drop the tank and replace the fuel pump with a length of hose clamped onto the top plate's tube. Make the hose slightly longer than necessary to reach the bottom so it turns sideways when it hits.
Then spend a gleeful weekend ripping out 25 pounds of wiring and sensors. Keep one O2 sensor and get an A/F guage so you can tune your carb. I think you'll need to lose the oil level sensor I think. I think the AC also has a computer controlled clutch so you will need to goose or strip it.
You will thump yourself on the back after you do this swap. You will never regret it and you can laugh at people when they do the "what the hell is wrong with my car" or the "what maf goes with what injectors goes with what computer goes with what tb" posts. You just turn some screws and are back on the road 10 minutes later. And what a clean enginebay!!!
Good luck!
CrazyPete