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***** has some good advice. Yes it would be "easier" to change the front suspension while the truck is apart, but "easier" is a relative term. How much do you have in the way of critical tools and experience using them: welder(s), torch set, angle grinder, 3/8 and HD 1/2" drill motors, drill press, metal cutting saws, floor jacks (yes, likely to need more than one), engine hoist, a number of good jackstands, clamps, hundreds of other tools, a place to work for the next several years, etc etc etc?
Unlike the lawn mower, what you do on the truck has life ending implications if not done right.
Walk before you run. Research before you plan, plan before you attack! Jumping into the middle without a plan will more often result in "doing over", just ask John N.
There is nothing wrong with the basic suspension design you have now, and can be easily improved. Leave the IFS for a later time if at all (when you have better researched it, it's already pretty obvious to those of us here with experience you haven't done enough of that) and tackle the parts that will be necessary to make the truck a runner first as ***** suggested. If the engine needs rebuilding, that's an all winter project alone.
That is a great truck to start with. I am building my 56 as a rolling resto and agree with WillyB's advice. My project needs have changed a lot while driving it. I have the MII IFS. The PO installed it. It is a nice enough ride, but it still rides a lot like a truck. If I was doing another one, I would just rebuild the stock front suspension with drop spindles and the removal of a few leafs and save the money and time.
BTW, the bed crossmembers appear to be installed upside down. The flats of their "hats" should be against the frame rails.
That's a pretty decent piece to start with. Want to see a challenge, take a tour through my gallery and look at my 50 F1. I envy your floor boards. Good luck with it.
Still think you have a good starting point, even though you do have a mess with the wiring and front inner fenders/core support. It looks as if someone was trying to redo the core support to make the hood/fenders pivot from the front.
Done well that is a good mod, but sometimes it is a real hack job that leaves you with a real mess to clean up.
When you get it exposed please take a strong look at how the engine is mounted (and pictures, please). That will tell you a lot about the previous owner - if it is a professional looking job. Also take some pictures of the front suspension and steering so we can see if it is stock. Is there a lot of "play" in the steering?
The Mustang II darkened Ford's doors from 1974 to 1978.
Mustang II from 74 to 78 and Pinto from 73 to 80 had the same suspension components. Stay away from Pintos from 71 and 72 as they had lighter suspension parts. I have used salvage yard spindles and control arms but always an aftermarket crossmember, new tie rod ends, rebuilt rack and pinion, and a disc brake kit using larger brakes...