Definitely, I'm working on researching the t5 and what all parts interchange. From what I've read the t5 from a 3.8 works, need to get more details and find a complete setup. Unibody would be interesting to deal with for sure.Sounds like my Ranchero project.
Mustang II, four link, T5, 8.8, 347, Edelbrock FI.
It's nice that you'll be working on a real chassis. Unibodies take a lot more work.
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