I would definitely do the 6 to 8 conversion. I did it to my 65 and had no regrets. Now if i had a choice weather to buy a 6 or an 8, then definitely take the 8. Find yourself a 88-93 mustang block and build that. When your ready, all you have to do is drop in the motor, get some engine mounts and a new radiator if needed, a gas pedal. Don't need to touch the suspension yet, i drove my car around for about 6 months before even touching the suspension. Then i put some disc brakes, 5 lug of course, then put the rear end, 5 lug. Only thing i really needed was some steering parts which you can you find easily. The sound and look of a v8 will get you alot more looks than a 6cylinder. Don't waste any more money on the v6, do the conversion.

. An I6 is worth building up rather than dropping in a stock/mild v8. Its all in what the owner wants. If someone wants a quick car that gets good gas milage, reliable, and easy to work on- build the six. If someone wants a real speed machine build up a V8, but stock won't do it. IMO, for a real speed machine, pass over the 5.0 and move up to the 351W or greater for real power for the buck. Its all in what the guy wants.