I don't think I would be that upset. True, 96 thru 98 GTs are slow, but you could change the heads and intake to a 99 up. Would be cheaper than 32v engine. I think 99, 00, and 01 GT are Bad. My brother has one and I think it will stomp any stock 5.0 (he has a stock 2000 GT).
If you wanted to go cheaper, just bolt on the Juice. It don't care what kind of heads you have, only exhaust!
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