I think the reason you're not getting responses too quickly is because this question is a bit of a tall order, and this site is usually not very busy around this time of year since few people are working on their cars due to the weather.
The first thing you want to do is go to your local Barnes & Noble and get a few books on restoring classic Mustangs. Shop manuals can help as well. I'd steer clear of the ones about modifying for now, especially since they're mostly full of mods that you probably already know about or will learn about very soon on your own. If you still have questions, go ahead and ask here. As for the fenders, you'll be surprised how easily they come off. This is work you can do yourself in a couple hours with no prior experience, basic tools, and save yourself a ton of cash. Don't let the car intimidate you. Unless of course it's your ONLY car and you can't afford to have it non-operational even for a weekend.
If I were you, I would have a look at members rides here and search around online for pictures of classic Mustangs to decide what color combo you like best. Chances are we're not going to have the exact same taste as you. Besides, YOU're going to be seen in the car, not us. If you really want my opinion, though, I’d say don’t go with red simply because it’s way overdone on Mustangs and most that I’ve seen have really shoddy work. The only way I’d paint my Mustang red is if it was originally that color from the factory, but this is only my opinion.
Here’s my member ride page:
http://www.mustangworks.com/cgi-bin/...splay.cgi?3760
http://www.californiamustang.com/
San Jose
http://www.mustangsplus.com/
Stockton (10 minutes from me
)
http://www.sacramentomustang.com/
Sacramento
Here are some links for well-known businesses that carry parts for your car. I don't know if you live in California or not, but these are what I use. At the very least, you'll get an idea on what your project will cost you.
You're welcome, Chris.
Matt