some advice for a young mustang fan

I have an '87 5.0 and I would love some advice from someone that has been doing this longer then I have. Now that I have another car, this is not my daily driver so I am seeing what I can do to it. right now the car is basically stock but runs well. timing advanced to 15 degrees, cf df clutch, 70 mm tb, optima battery, maf conversion, quadrant, and some msd wires. I have just done these small things but now I want to move to bigger mods for it. I know nothing about if the motor was rebuild which friends think it was because of how strong it runs, but tranny is not doing as well. With the t-5 I have in it is it best to send it off and get it rebuilt for 600, put stronger parts in it for like 1,900 to have a t-5 that can take 500 lb. torque or just get a tremec tko-500/ or 600. The car is going to be a weekend car that I want to keep streetable but also a car that is going to put out over 450 horses at the wheels. My second question is for the motor. With the stock motor in there is it easier/cheaper/faster to buy a crate motor from dss to achieve that power I want. I know dss offers stroker kits for my car but is it good to put a 347 stroker kit on a stock 302. I am trying to find the best way to go. I don't want to go the cheap way but I want to go the right way on a budget. I would love some help to see what ya'll think. thank you

-Chris
 
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dss is nothing but glorified stock blocks, dont buy that crap, dart is the way to go. I wouldnt slap 347 stroker on stock motor, its a waste. Just get yourself a nice top end kit (trickflow, edelbrock, etc) or piece yourself some heads (afr 165s- 185s) and a nice upper and lower and get a custom ground cam. That should take past 300rwhp. As for the tranny.. do it right the first time and get a TKO
 
450RWHP is a tall order but can be done. You'll need all the cubes you can get from an 8.2" deck block. Then, the parts you'll need to make that N/A may make it less than truely street friendly. Why not pull that goal down to 375-400HP as I think it will be more streetable and just as fun.
 
I would suggest starting out with the suspension and drive train. Its always fun to build the engine up, but if you don't have a way to effectively plant it to the ground then it won't matter. Tremec TKO is the way to go for a streetable transmission if you truly plan on that much power. Then you might look into the rear end, a better limited slip will help you get both of those wheels going. As for the engine, I would do some research looking at people's sigs to see what combos work well. Good Luck!
 
Liek said above the foundation is a great place to start if you truly think you will have that kind of HP.....You also need to realize just how much power that is, a 350hp mustang is wicked fast to most people, you can image that person would crap themself with 475hp