Man. Forgive me for taking so long to respond. Thanks everyone for replying.
96GTS,
Inside my distributor is the pickup coil and reluctor, no PIP. My fuel pressure SHOULD be at 7-7.5 psi, that's what it was when I first built the car, but I don't have a fuel pressure gauge now to check it.
old guy,
I haven't yet checked the carb, but will do tomorrow. No, I can't visually check it at high rpm, but you're right, it is at least something to look at at idle and revving. Cap and rotor are fine after inspection + they're relatively new. I was gonna change the plug wires, but when I removed one of the old ones to replace them (one at a time), something just didn't feel right so I rolled the new plug wires up, stuck them back in the box and decided to wait on that (maybe I was just lazy). I will check fuel psi. I have the same method as you on starting with cheapest, easiest to get to parts first, then move on by process of elimination.
PKRWUD,
I'll borrow a coil from a friend and try it out.
I would replace the plug wires b/c I'm just that kind of a guy too, but this time I decided to wait on that (seems to be pointing more to a fuel problem). I bought the wires, but put them back in the box for now. I'll probably end up putting them on anyway.
I replaced the inline filter (b/t fuel pump and carb). I'm not sure if there is an actual filter in the bowl, but there just may be one. I'll check on that. I think some come with a screen (not actually a "filter" I guess) at that fuel inlet.
I haven't yet checked the float level in sec. bowl, but will do it.
I was concerned about the power valve, but usually if it's broke, it's usually broke open and allows fuel to just keep going through. Thus, I'm thinking this wouldn't affect it like it feeks at high rpm, but I'll check it anyway.
I have vacuum secondaries and the secondary spring is the stock spring.
pony_power_90,
My fuel pump is outside of the tank, but I think there is a filter back there also. Can't remember. I'll have to check.
I hope it isn't that little screen/filter bag on the float inside the tank b/c I'll have to beat myself over the head for not changing it as I should've when I removed the tank a year ago. It shouldn't be b/c when I did remove the tank, I totally cleaned it out.
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Some other notes:
1) My fuel light on my console hasn't gone off (not normal) even though I have about 6 gallons of gas in the tank. SOmetimes it'll come on a little prematurely, but never with this much gas and it'd never stay on so long, but it won't go off. I haven't been driving the car hardly at all for the pass week or 2 so maybe I just need to drive a little more and it'll go off. Don't want to read too much into this.
2)Coincidentally, changing my ignition module (something I at first forgot to consider)--$15.00!-- seemed to help significantly. I don't want to jump to any wrong conclusions too fast, but I got down on the motor hard and it only stumbled (a diff kind of stumbling now, but much less) at very high rpm (~5000-5500). Seems much stronger. It even is much smoother cruising.
As far as I can tell, everything now seems to be pointing to fuel/carb problems.
Thanks again for your previous replies and future ones.
More suggestions are welcomed.
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351W-powered 1979 Ford Mustang notchback
Stock 5.8L under custom made 4" cowl, C4 w/ shift kit
Holley 750 cfm, Edelbrock Performer RPM intake
1 5/8" MAC shorty headers, Al driveshaft
2.5" Off road H-pipe, 2-chamber Flowmasters
Front: 225/60/15, Rear: 255/60/15 Eagle GT II
Weld wheels (15x6;15x8), 8.8" Rear w/ 3.55s
14 x 4” K&N air filter.
Only a couple of weeks b4 Project FOX begins!!! 
"Red, thou art my companion. Hasten now your quickened metamorphosis to Green that I may conquer all who dare abide there beside me. May they be left thither behind burnt black." ---Fox Body