opinions on purchase...

How is he getting a new engine for $1,200? Does he mean new as in different or new as in rebuilt or new as in brand new? Find that out. Because a used engine is not worth $1200. And if it is new or remanned then make sure you get the warranty info and all the receipts. And find out what company is supplying the engine and do some research on them.

Also, have you seen or driven the car? I'd say go check it out. Or better yet, save yourself the trouble and find a Mustang without any engine problems...I've seen them with around 80,000 miles in your price range. But if your heart is set on this one then I'd say offer him $3,000, save your money and get your plans together for what you wanna build, and drive it around while you're getting the stroker ready.

Run away...there are TONS of good 2V Mustangs available - you don't need to buy someone else's problem.

Tell him 3gs or walk away.

Also I wouldn't stroke a 4.6 the stroke in these engines is already long enough and isn't worth the extra cost IMOP.