I have manual brakes. I did it for the same reason, had a big cam, and the power brakes were unreliable. I had two dedicated vacuum cannisters, and a dedicated vacuum gauge so I could monitor how much vacuum I had for braking at all times, and the power brakes still didn't work. As for converting to manual brakes, it kind of depends what you want out of the car, how big your brakes are, and how old your knees are. So I tried the manual master cylinder on the stock brakes first, and I can say flat out IT DOES NOT WORK. You need bigger front brakes with a manual brake master cylinder.
I run an Aerospace street kit with stock rear brakes. I was not willing to sacrifice my parking brake to have Aerospace all around. I drive it on the street all the time. The Aerospace brakes are a pretty good size PITA to install. The pedal was no problem. You have to pull the pedal assembly out, and drill a hole in the pedal arm for a knew mounting point for the master cylinder rod. Bad news is, the brake light switch is integrated into the factory armature on a Mustang, and it won't work with the manual brake setup. Aerospace recommended using a pressure activated switch on a T with the brake lines. I figured that was one more thing to leak, so I made a little bracket and put a stoplight switch in there from a Camaro.
As far as driveability, it's honestly not that bad, unless you are switching between your Mustang and a Focus RS like I am. You really have to push with manual brakes; they work fine, but it's not what you are used to. Then you get in the RS, forget it has power brakes, and nearly kill yourself. Not kidding, that thing stops so hard it'll make you puke. Panic stops are fine. It works fine with my ABS. No real complaints.
I probably would have done something else if I had to do it over again. I want a car that is a little more in line with my old fart knees. I have a ripping hard clutch (SPEC 4+) on top of the manual brakes. I think the car is a little hard to drive for a car that really isn't that fast. Your other options are a vacuum pump, or a hydroboost system off a 4.6L Fox chassis. I've heard of people getting an electric vacuum pump off of a 2002 Cobra R, even for non Mustangs. They used to be under $200, not sure what they go for now.
Kurt