Free Mustang!
 

My friend recently recieved a free 1990 Mustang 5.0L V8 Mustang from someone he knows, I believe it's a LX or something along those lines. Well, long story short.. he doesn't need the car so he's giving it to me for free!

This would be my first car, not the first I've driven of course. All I know is that it's a 5.0L V8 and it has some body damage.. and it's a 5 Speed. I haven't actually seen the car, or know anything else.. but I'm assuming it either has high mileage or something is wrong with it. Although, I've been told it's running fine. I'm not good with cars, so I see this as a good opportunity to learn about mechanics stuff.

My question is, what should I do with the car? I plan on sending it to a mechanic to do a complete check out of the car after that.. I'm not sure.. but I do have kinda of an outline...

1. Rebuild the Engine
2. Upgrade Headers/Intake/Camshaft
3. Upgrade Exhaust
4. Upgrade Suspension
5. Upgrade Clutch/Flywheel
6. Replace & Upgrade Tires / Brakes...

Then finally..
7. Repair/Repaint the car.. It's originally black.. and I kinda want to keep it that way...

All I basically want is to get the most bang for the buck right off the bat, then get the stuff that gives me the least bang for the buck later on to perfect this vehicle. :P

P.S. Would it be possible to upgrade this vehicle to a 6 speed?

Thanks!