Another $5,000 Mustang Build

[dagregor]

Unfortunately for you guys it's not Ron doing the build. Fortunately for me it's mine! The actual budget is $5,500, but Ron's shot for $5k so I thought it would make the title more interesting. Mine is a 67 coupe, originally a straight 6, vinyl top, but plans include the following:

Coil over front suspension
13" discs up front, 12" in the rear
Rack and Pinion
Mini-tubs
Full roll cage
Subtle fender flares (all metal)
Subtle body mods hand fabbed by me (no fiberglass or plastic kits here)


The Undecideds:
Motor: possibly a modular, possibly an older 5.0, ??? Suggestions?
Tranny: 5 speed, but it will depend on the donor. possibly a beefed up T5 or a T45, no T56 (too expensive, long and heavy)
Rear Suspension: 4 Link, possibly IRS if I find a good Mark VIII donor car

I'm following a few similar build threads, although none of them have the budget constraints that I do. Either motor I go with can be built up relatively cheaply if you shop around. Craigslist and Ebay have tons of used stuff.

I'd like to be able to push 300-325 hp within the $5,500 budget and then of course more horses later on.

Any suggestions are welcomed. Thanks in advance for all of your help.