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1964 1/2 Mustang Hardtop had a 289 with a 4 speed 210/271 hp. Automatic was rated at 210hp.
1964 1/2 Mustang Convert. had the same engine config as the hardtop.
The first engine change came in 1967 with a 390 cu. in. output was rated at 320 hp.
If you wanted a 427 under the hood in your Ford before 1968 you had to buy a 1963+ Ford Galaxie 500XL. It had a 427 with 410/425 hp.