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I am toying around with the idea of using a foxbody type mustang for a donor car for my 51. Ive been trying to find one with a rebuilt engine and trans and plus the foxbodied mustang rear axles i believe fit my truck also. Anyways I found one really close to home and I went to go look at it. It was an original 4 cylinder car been converted to V8. It had a rebuilt C4 trans witha shift kit, like a 3000 stall, and a rebuilt 302 that was bored 60 over, balanced and blueprinted, like a 750 holley carb (he wasnt sure but it was big like a 650 or 750), edelbrock intake, and an F303 ford racing roller camshaft. nothing special had been done to the heads just rebuilt and resurfaced. He took me for a ride in it and I thought he was gonna kill me! but Geees that thing would freakin fly! Then he let me drive it, prolly the quickest car I've driven. It still had the stock 7.5 rear axle with the stock 3.73 gears (for the original 4 cylinder). The engine only had like 1000 miles on it along with the trans. And I think the rear end would work but its got 373 gears which makes it rough on the highway.... but it is a good deal....still debating
How much was he asking? Around here, Fox bodies are going for good money because of their light weight, the drag racers love them. Not so many people into drag racing these days.
The C-4 would need a new t.c. to be useful, and the rear axle is a no-go. If it's real cheap the motor could be worth it.
If you just want parts of it, you can sell what you're not going to use. That will get you back some of the money. Year makes a difference (quad eyes tend to sell better), but I would look at it if the engine and trans are worth $1900 to you. Sounds like a sweet engine, but if the powertrain is all you want you maybe able to get it cheaper if you're willing to look around or build it yourself.
60 over small blocks arent too highly recommended. A high stall C4 isnt going to be so useful in a truck. I would vigorously suggest looking for a closer to standard complete 85 F-150 truck 302. My uncle had one that was incredibly fast. I think there was a nice combination of parts on that one from the factory. Maybe a twin throttle body or something, and not a hyd roller? Whatever it was it stomped 454SS trucks like it werent no thing.
Sounds like that car is a pile. Go buy a factory 5.0 Mustang for cheap and drive it. For a truck Id want a 351W