Saleen GTS is correct, it will look like Crap. You can take the molding off of the sides, rear 1/4 panels, fenders, but it's molded into the rear bumper cover and front bumper cover. Another idea is to paint it to match the paint color so it's monochromatic (like the '92 and '93 mustangs), so the molding will be less noticable and look ALOT better. Also, i haven't seen a car without the molding, but i believe the door is molded so it'd look really weird without the molding, but i may be wrong. good luck.
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'84 Mustang 5.0 LX
My car