well as for the slight gas smell thats is normall. I have A 66 coupe same engine and trans.
and it is loud 1st, 2nd, and some what in 3rd. but then again I am preaty sure my trans is going out. not sure if it has anything to do with the noise though. I have been around old mustang for about 6 years. and some are loud and some aren't. have no idea why. but my brother in laws trans is loud and he has been running it for 2 years like that.
sorry that I can't help with your other questions.
ford kid
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