Yellow,
I'm planning on doing the same thing to my car. I rebuilt the front end with polyurethane bushings and new 620 coil springs last February, but didn't do the shelby spring drop. I will be doing it myself soon due to one of spring perches failing, so I'll probably be putting a new set of Prothane ones on this weekend.
I went to this website:
http://www.joesfalcon.com/frntsusp/susp1.html and read up on it. The alignment shop which I was recommended to by Mustang Country said that it was a common modification and most were satisfied with the results.
The wedge camber kit is supposed to help the ball joints. It's recommended if you are going to put constant loads on the ball joint, which could cause it to fail otherwise. I'm going to do the modification without the wedge kit. I drive my car daily, but don't push it much, but I would like it to corner better. I may have to keep regular maintenance on the ball joints (replace them every 2 years or so, depending on the load) but I figure I should be ok.
About the rack & pinion, there's lots of kits in development, I would look into these.....
www.dvsrestorations.com
www.fatmanfab.com (both dvs and fatman are working on kits using fox-body parts, best bet IMO)
www.totalcontrolproducts.com (purchase from
www.mustangsplus.com)
http://home.pacbell.net/ssixto/automotive/R&P/R&P.html (using J-body parts i.e. cavalier)
I've heard of a taurus R&P conversion, but don't know of any sites.
Hope this info helps!!