The engine bay of the 64-66 mustangs is pretty small but readily accepts small block engines like the 351W. Now, a 351W can be properly machined and fitted with a stroker crank to yeild cubic inches up in the 427 range (thought I had seen a 434).
However, I don't think the old FE block engines (352, 390, 427,428) nor the 385 series engines (429, 460) will fit without a serious fight.
So the answer I am going to give you is yes, you can get a 427 small block in there, but not a 427 like the old AC cobras.
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