Well, a DD Mustang will never be competative in prepared class, just so you realize. They're all right for local events, but go anywhere above that and you'll probably get your @$$ handed to you. I'm in the EXACT same boat as you.
Having said that, it depends on how much $ you wanna drop on suspension. You could talk to Corey at IPS and get the whole thing re-engineered (it's really a bad ass set up) but it's mucho dollaros. In CP, I'd say Tokico Illumina 5 ways at a minimum. Koni double adjustables would be better, but are at least $300 more (~$800). In CP you can run 10"-12" rims and giant slicks, which help a lot. I just picked up my slicks from UPS last night and those suckers are huge, nearly 12" wide with surprisingly low profile. Since prepared allows coil overs, I'd probably go that way. The better approach is to get the majority or all of your components from one company, as they design all their components to work together. For instance, Maximum motorsports RLCA are TOTALLY designed to work with their panhard bar. Personally, I think their RLCA are designed backwards. The MM Panhard will not work with some other companies products.
You need to do a LOT of research before you start spending money hap hazardly and end up buying stuff twice.
Make some basic decisions and go from their. Do you want to totally remove the upper rear CA and go with a torque arm & panhard? Do you want to run coilovers or stick with separate dampers & springs? Coilovers or not will change what spring rates you run. 160# with coilovers in the rear is about the same as 300# rears with regular set ups.
Talk to guys that run prepared class and see what they're running. I know it's probably hard to find them at this time of year, as the auto-X season is pretty much over now.
Get a budget, get a basic plan and go from there.
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