first off, congrats on graduation and the gift! i got mine a year ago (june 12th) for graduation!
i got a 2002 gt vert....lemme tell you...if you arent one of those diehard non-vert type people, the vert is awesome...they always look cooler than the coupes (especially in black on black)...cruising with the topdown never gets old, plus, it DOES NOT leak! this i the first convertable i've seen that doesnt have leaking problems...so if youre torn between coupe/vert because you think the vert will leak or suck, youre wrong...but if youre torn because you dont like the vert or the extra weight, get the coupe...but if youre set on a mach 1 (gorgeous car, faster than the gt by a lot) then by all means, get one

....but whatever you do....GET A 5 SPEED!! mines an automatic and its the ONE thing i regret about it...i rushed into getting the first avail black vert and it was an auto....first off, theyre a HELLUVA lot slower! some people swear against that, but trust me...its true...second is, you lose out on all the fun from shifting in a mustang! so i suggest getting the standard if youre into driving the car like a sports car...
so basically...get a vert if you like em (nothing bad except the extra weight) and if not, get a mach 1

but make sur eyou grab a 5 speed or you WILL be kicking yourself....
also, if you get a 5speed, get a pro 5-0 shifter for it....i was never really good at shifting until i drive a friends stang with a pro 5-0 shifter in it....helps a bunch!
hope this helps you out!
-jonathon