I just bought my 3rd 5.0 a couple of months ago after a lot of searching. Over the past 10 years I've had an '87GT, '91GT, and now an '89LX. All 5 speeds. Only bad part about '91-newer is no tilt steering. Depending on your size you might want tilt. I did (6'3", 230#). As said earlier, the LX's are lighter than the GT's. Either one will do but a convertible definitely will not be the base for the fastest street car you can build. My major criteria when I was shopping was: 1)price/mileage 2)how many owners and who 3)appearance 4)any mods? Beware of any mods because this probably means the previous owner has visited the upper rpm's. But if the car is in good shape, this could save you money in the future. If you can get a high mileage car cheap enough, you might come out better doing that and installing a new engine. If not, stay on the lookout and something you like will turn up eventually. The first $2k you should spend on mods once you get the car would be tune-up, lower gear, exhaust upgrade, high flow air filter. That is the point where I am right now. I'm trying to decide on supercharger or heads/cam.
Hope that helps.
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'89 LX 5spd w/ 56K, MAC shorties & H-pipe, Flowmasters, 3.73 gears, Moroso cold air
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