ok for what you want keep the stock front suspension but make some changes to it. my recommendations will be conservative, but will fit what i think you are looking for.
1: since the engine you are building is going to be 351w based, use a 1 1/8" front sway bar, and a 3/4" rear bar. this is a balanced settup for sway bars, and wont be tail happy in the corners. you will get enough of that with the power you are going to make
2: use a 540 or 620lb spring rate in front depending on whether you use aluminum heads or not(lighter springs with aluminum heads). if you think the 620 are going to be a bit harsh in ride, then use the 540lb springs as they will do just fine. in the rear use a 5 leaf leaf spring, i prefer the standard eye design, preferably with a military wrap in your case(the second leaf wraps around the front spring bushing as well as the main leaf). ride height is up to you, but dont go too low.
3: lower the upper control arm pivot point like shelby did. in the case of your stang 1" straight down.
4: reinforce the upper and lower arms according to opentracker's design specs. you might get a set of his modified upper arms and bolt them in.
5: use a set of roller spring perches like opentracker sells.
6: i recommend using a set of adjustable aftermarket strut rods that use a spherical bearing in place of the rubber bushings.
7: for wheels and tires i recommend using the 15x7 magnums like you plan, and wrap them in a good set of 225/60r-15's on all four corners. yes this is a convervative tire combo, but they fit well, and with the right tire they handle well also. i like kuhmo's personally, but use your favorite brand. this size is also easy to find when making long road trips if they are needed.
8: i would use 4 wheel disc brakes, but you can also use big rear drums. cobra automotive has a kit that puts 11x2 1/4" drum brakes on the rear.
9: something people dont consider when building a car that handles well, gearing. since this is a street car, and since that motor you plan will make a bunch of torque, you dont need a steep rear gear. i recommend using a 3.00 rear gear. it will keep your rpm down on the open road, and it will help prevent you from spinning the tires everytime you stand on the gas.
10: if you want a rack and pinion steering system, go for a good one. otherwise a new flaming river steering box with the 16:1 ratio will work real nice, and be less than 1/3 the price.
non ifs would mean you have a solid axle up front.
