New to Classic Mustangs, some ?s

[6T9PONY]

Does it have power steering? Or armstrong? If it has powersteering the "metal on metal" sound might be coming from your power steering pump. But when you hit the throttle it should actually become a little louder and more high pitched because it is directly run off a belt from your engine. So I doubt it's that, if you even have p/s.

I'm guessing your tranny is getting a little tired, and your shifter and linkage should definitely get checked out. You don't want that stuff breaking or falling apart when you're going down the road or something, ya know?