If you find a 87-93 fox-body Mustang stick with the 302.It's a great motor with a ton of bolt-ons available.
You can stroke a 302 to a 306,331,347 the 331 is a great street motor at 347 it starts to get less reliable for every day street use.
Gears are an inexpensive mod,these cars respond big time to an aftermarket intake,or a larger throttle body,heads are huge hp gains on these cars too as the stock heads were pretty chocked.
If you want to get 460 hp do:
8-10 PSI Vortech
Holley Systemmax intake
70MM throttle body
Don't fall into the electric fan trap to free up HP,if you do a blower on these cars with an electric fan they run hot.
The best cooling setup is the brass ford radiator, the DSO police issue clutch fan and the stock fan and shround.That DSO fan was for the police issue Mustang and it does some serious cooling.
Any questions DR.FOX is in the house.