Do you have a Chiltons and/or Haynes manual for your car? If not, this is a mandatory purchase that will save your a$$ a lot of time and money later on. Plus, I always refer to my manual before starting a job, so that I can plan ahead on how long it will take. This repair absolutely has to be in one of the manuals, considering everything else that they cover.
My friends at work think I'm nuts owning a Mustang (let alone any car) that is ten years old, no warranty, and so on. I remind them that it's paid for, I do most of the work, and I never let a dealer do any work. Plus, I can afford a second car that is always leased and is only kept for 3 years max (new car every three years, for my wife of course).
I would suggest you probably sell your car. If I had your emotions in the following siituations, I would have been a danger to myself and others:
1. Battery, alternator, and starter all went bad on way home from work while raining and a dead cell phone battery. Price....$700.
2. Drove into my driveway and noticed my coolant light was on and the car was getting hot. Looked in my rear mirror only to see a nice trail of coolant behind me! Price.....$200.
3. Took a client out to lunch in my stang and it made a horrible clanking sound all the way there, plus the engine was very weak and the exhaust sounded all wrong. Embaracing, but just needed to replace the stock h-pipe. Price.....$650
4. As soon as I heard the clanging sound, at my first chance I got on this board and created a new post. Many people responded with good accurate information, as usual. Had Ford diagnose the h-pipe problem to be safe ($85) and they offered a price to replace it ($2,400). Instead I took the advice of my fellow stangers and bought me a new Bassani X-pipe. Couldn't do the install myself due to stitches in my hand, so I paid a local muffler shop that I trust dearly. Price.....$65.
5. The grin that now sits on my face as I hear that new X AND the newly rekindled interest that has begun every since.................priceless.
Dude, I can't tell you how much I bit my lip and sucked it up in front of my wife, friends, clients, and total strangers, because I just couldn't let anyone see that my car got to the best of me. I am determined to enjoy this car no matter what, because it does make me happy and that's all that matters.
Maybe you got too much car too soon. I had a ratty old '83 Mustang GLX (V6, 86K miles) when I started college that I bought for $2,000 in 1990. I drove it for 6 years and 100K miles and sold it in 1996 when I finished college for the same price I paid for it. I took that $2,000 and used it for my current stang. The 94 wasn't new, but it had a Ford V8, dual exhaust, 17" rims, and it was simply a Mustang. I was proud. Someday, I'll be driving a brand new Cobra that'll probably be north of 400hp bone stock, but that day will be a few years away as it's not time yet to retire the current one. Still have dreams and ambitions I haven't acheived with it yet.
Most will agree, if this doesn't make sense to you, then walk away and try something else. It just takes a little patience.
Good luck.