I can't add much to what has already been said, but, with the aftermarket market for the 5 liter engine and the Fox Mustang, these cars can do basically anything you want them to.
Just make sure to do some research on the path you want the car to take as far as modifications go. Planning out your modifications in "stages" can eliminate future frustrations. Good Luck in your search! You may want to also use the search function on this site to look up posts addressing what to look for and stay away from in buying used Mustangs.
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