Looking at cars and just dont know

I like the first option because I would have fewer bad modifications to worry about, and hopefully less rust!
But on the other hand, I did rescue my current Mustang from some stock appearing race class. That might be affecting my answer, as the owners went to racing a vintage Barracuda and did not know enough about EFI. But they knew a lot about porting stock looking parts or were dang lucky.

I would also stick with the cleaner, unmolested, lower mileage car. That’s what I did. And 20+ years later I have exactly what I wanted. A beautiful 500hp+ Fox Body that runs and drives better than new. I’m not saying you have to take your build to that level, but it was nice to start with a clean car that was a blank slate for whatever I wanted to do with it. Also, I knew since mine was totally stock, I mean even the air silencer was still intact, that it probably wasn’t driven too hard. Option number 2 with a replacement engine and several other modifications, as well as the lack luster paint and such, probably hasn’t seen as easy a life as option 1. Just my .02

I’m a noob to the fox body world but one thing that comes to mind is whether you actually need to drive the car...will you actually be planning/needing to drive it from when you buy it?

When I picked up my 88 a few weeks back it helped that the engine was mostly stock and seemed to run fine when I checked it out in person. The body has some imperfections but I wanted to be able to drive the car whenever at least at first. It didn't need to look perfect so I was willing to compromise a little on exterior stuff.

The closer to stock, the better, it means its less likely to have been beat to death....but there is no way you are hitting 300HP off of headers and an intake(injectors wont do anything, they aren't holding you back)

Paint, chassis and rust free are the priorities.
The rest is easily fixable.
Modding the car isn't as simple as adding hp. The suspension, chassis and brakes are mediocre at best.
The wiser move is to get the car ready for an extra 100hp by upgrading brakes and the suspension, before you start digging into the engine.

And for the record, on a naturally aspirated pushrod 302, all the power is in the heads. Without a quality set, nothing else is really worth it.
A good heads/cam/intake setup complete and running is most likely about a $3500 affair with new parts.

My take on your options...

Option 1: Would be a great starting point for what you want. You could drive and enjoy from day one with a nice car. Upgrade as you can and work your way up to your goal (not as hard as you may think).

Option 2: Your motor (if all mods are good and nothing is needed) is already where you want it. Body and paint if you are getting a shop to do it all will be at least 4-5k for a very good to excellent job (disassemble as much as possible before painting).

Personally I would do Option 1 because you will not inherit others mechanical mistakes/learns/problems. You are in control of what you get. If you are on a budget for the build go to the wreckers and find a 5.0 Explorer, get the heads and intakes and throttle body ($300-500), upgrade the valve springs($100-150) and just a general cleaning on the heads (you could have a machine shop check or upgrade the seats/guides but if heads are generally clean you could do without - for now). Find a set of shortie tubular headers used ($50-100). Change to a 3G alternator and electric fan (I used a Ford Contour dual speed fan). The fan will free up 15-20hp, with the rest you should be 300+ hp at the crank with stock cam, closer to 350 hp with a cam. It won't be the flashiest set up but with some parts hunting you should be able to get to 300 hp for less than $1000 in parts.

My build has happened to 2 phases (so far). Phase 1 was stock longblock, smoothed exhaust ports in E7 heads with 1.7rr's, stock cam, Explorer intakes and 65mm TB, 73mm C&L mass air, Mac headers, 2.5" catted full exhaust, electric fan and 3G alternator. Power was close to 300 hp at crank (I estimate 280-300).

Phase 2 - found a used longblock with 3bar GT40's with 1.7rr's and Ecam for $1000 CDN. Sold the Ecam and put a Crower 15512 in. Reused intakes, headers and exhaust. Switched to 70mm TB and EGR, 76mm C&L mass air, still stock Explorer 19lb injectors (I have a set of 24s to put in). My estimate now is 330-360hp at the crank.

I have not had it dyno'd or a tune done on either set up (I know it would help). But 300-350 can be had on a budget pretty easily with some hunting for parts.


Long story short, I would go for the more stock and cleaner car and be in control of the parts and how they are installed. Best of luck in your search.

Option 3 maybe? Not knocking Foxes(I have owned 3). Since you cannot do the work yourself have you considered taking that 4-5k and purchase price money and getting an '05-'09 GT? Low 13's, better handling, mileage, seats, etc etc etc.