Welcome to the wonderful world of mustangs. The 70 Mach 1 has always been a favorite of mine. Converting to electonic is not real tough. I converted a 72 to a ford duraspark 2 system. Basically, find wireing diagrams, tie in the "brain box" to the correct ignition parts and away you go. You might want to consider a petronix system. I hear they are a breeze to instal and work great. (cheaper too) There are a ton of mods out there if originality is not a concern. Alternator can be converted, but unless I am wrong, I don't think starter technology has progressed very far. I would consider some modern safety upgrades, and if you have the money, and time perhaps transmission (Overdrive?) Brakes (4-wheel disk?) cooling system, power steering, r134 AC, etc. Just some ideas. I am sure you will get some more here.
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