The 1994-1995 Mustang GT's came with the 5.0 OHV V-8.
The 1996-1998 Mustang GT's came with the Gen I 4.6L SOHC V-8.
Here are the specs
5.0
215hp, 285lb/ft Auto
225hp, 300lb/ft Manual
4.6
215hp, 285lb/ft 96-97
225hp, 300lb/ft 98
The general consensus is the first gen SN95 4.6L will run about 2 tenths slower than an SN95 5.0. The 4.6L is smoother, but they lack the low end grunt of the 5.0, and from what I've seen, dispite some peoples claims, their top end isn't significantly better either.
The Gen I 4.6L is a good engine, it's just not easy or cheap to modify, and it's stock performance is pretty lame. Don't expect a bone stock car to run 14's with the 4.6. The bone stock 5.0 should be really high 14's. The 5.0 is significantly easier to find parts for, and significantly cheaper to modify as well.
If your choice is the Gen I 4.6 vs the 5.0, I would suggest the 5.0 for performance applications. Especially considering the extra cost involved with modding the 4.6.
I don't know about the gas mileage, but I would think the 4.6 should do a little better as well.
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