F*** no! Im not the guy who is crazy about Fords or Chevys or Dodges... I like all three. But Im a firm believer in leaving a Ford a Ford. The engine in that car is a DOHC 4.6. The block and crank are good to over 1000 HP! The rods and pistons... not so much. But, it also has the B heads on it which flow extremely well in the 8000+ RPM range (which is where you gotta be for that kind of power). With a port job and some valve work they rock. Then you just need Cams, a big blower or turbo, and some N2O, and you're set. Not that I ever want to do that as it would be dumb in a Convertible, but its cool to say I could haha!
In all seriousness, the plans for it are a T-56 (6 speed found in New Cobras, Z06 Vette, and Vipers) swap when the clutch goes (88,000 miles and Im not sure if it's ever had one), aluminum Flywheel and driveshaft at the same time, then probably a Kenne Bell blower system. The first mod will be rebuilding the stock Limited slip and installing a 4.10 gear for the high revving 4.6. They like it... Don't fear the gear! Haha, they say that about the 4.6 motors. Current mods are the Chrome Cobra R's, wider tires, Caster/Camber plates, lowered an inch with higher rate coils and sway bars, Short throw shifter, "roll bar", Mac Prochamber mid-pipe, and Magnaflow Cat-back with no cats. It sounds really mean.
The only issues that I know of are that the A/C quit working sometime this winter while it was in storage. The guy said it was working great last year. Also, if you really slam the gears hard, 2nd will grind a little. This means that either the 2nd gear synchros are worn some, or the clutch quadrant is flexing and/or out of adjustment. Im going to talk to a few more mustang friends and see what they suggest I do... Im new to the whole fox mustang and modular motor thing. Steeda makes a nice kit that comes with an adjustable clutch cable, firewall cable adjuster (so 2 places you can adjust), and an aluminum quadrant to replace the factory plastic one. They are know to flex and cause shifting issues.
Hopefully its not the synchros... it doesn't really feel like it at all, just feels like the clutch isn't disengaging all the way. I don't see why the T-45 trans would be having issues with only 88,000 miles and a bone stock engine. Most people have good luck with them even with twice the mileage and power adders... However, if the trans does need some work, its coming out and a T-56 is going back in!
I plan on a gear REALLY soon, like next week sometime. I have all he stuff to do it except for the 4.10 which I'm working on. The 4.6 has no bottom end torque, and since I have no desire to go 160+ MPH, that is the best mod you can do to one of these things.
I'll post up more pics once I get it home and cleaned up tomorrow. He hasn't washed it in a year b/c he hardly ever drives it anymore. The man is in his 60s and his wife has cancer pretty bad so he's been having to take care of her. He's selling the car to help pay the bills... kinda sad story actually.