About 95% of the time I use reg unleaded in my S197. I skimmed an article in a Mustang Magazine...forgot which one. In the article it said something along the lines if you want your engine to last use at least 91 octane. The article was referring to the S197.
When your manual tells you to run 87 octane, all that means is it will run on it. A lot of people don't want to spend the money for the more expensive fuel, and that's fine, but using it will not hurt anything - period. Premium fuel has more detergents and will help the injectors and intake track cleaner. Gasoline has never cost more or been of such low quality, so $4 extra per tank in a performance car doesn't bother me. I've always noticed that even in a low performance car, when I use premium, the engine just plain runs better, even idles better. V-Power for me. Just my $.02.