Big cubes, small HP
Depends on what Ford vehicle the 460 came out of but 1976 was in the emission-choked, anti-HP era and most 460's are rated in the low 200 HP range, especially the Lincolns. Mostly used now as a boat anchor but anything is possible with the right parts and some imagination.
Ford Racing offers the 'Cobra Jet' aluminum heads for the 429/460 for about $1100. You can get cams, intakes and exhaust parts too that will bring up the HP and of course, increase the already-huge torque on the 460. Motor mounts and other parts needed for installing the 460 in a Mustang are also available.
Big investment but so is any drag car, even with a free car and engine. Might be worth the experience but I would look at a 351, too.
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