'87 witha 4.6l?

[Wobbit]

I just recently got a 1987 mustang LX 4cyl. So far I've stripped the thing apart and I'm just about ready to paint it.

I've been thinking about what I'm going to do to the engine, and at first I was thinking about putting a 351 in, but a friend(t-bird lover/mechanic) said I should go with a 4.6l V8 DOHC engine. He said they have about 290 HP, and get better gas milege, I looked around a bit and think it looks and sounds.. really sounds better.

He says I need a new tranny to go with it. Is that all I need? I'm talking about bare necessities.

Also, Does anybody has an estimate on the price for the engine(used) and the tranny(Used...)

Thanks for the help.