Grats! on your purchase, my first stang was an 86, I don't the ability to decifer your VIN but I CAN tell you a bit about the car, it has a 58mm throttle body compared to 60mm on 87 and up, also the E6TE heads are not as good as the E7TE's found on later models, you do have the good 8.8 rear end though.
I think your squeak is a bad throw out bearing.
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