New to Classic Mustangs, some ?s

[BigJimSlade]

Hello...

I'm new to this board...and new to classic mustang ownership.

I've just bought a 1965 Convertible with 200ci and 3sp transmission. Basically it was a price that couldn't be refused. Was looking for a V-8 but they were out of my price range.

Anyways...my questions. My questions are coming from the fact that I am not extremely familiar with the old mustangs:

The transmission is extremely loud in 1st and 2nd gear. Sounds like a truck transmission. When it is in 3rd...it just purrs and sounds so nice. Is that usual or is my transmission about to bite the dust?

Along with the transmission...the shifter linkage seems extremely loose. It is the stock shifter mechanism. It has about 2 inches of play in the linkage. Normal/Time to replace?

When the car is running and the hood up. The engine makes an interesting sound. It sounds almost like metal rubbing against metal, though it sounds more like a vacuum leak. The car does not smoke. Isn't burning oil. Vacuum Leak/Something Worse?

Being that the car has none of the emissions equipment of modern cars I'm assuming the slight smell of gasoline from the exhaust may be normal? Is my assumption correct or do I have my head up me arse?

Thanks for any information.

Slade