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Hey Eric, you got me to finally sign up on your site. 😀
Planning on doing something similar to one of my project cars, a 1966 Mustang Coupe. It has the same engine in it as the Fairmont, but I plan on keeping it around for the good balance and fuel economy, since it should suit my needs as being a highway cruiser. The plan right now is to see about finding an LSD to replace the current open diff (whether I keep the 4 lug configuration depends on if it can be done), converting to disk brakes all around, welding in new floors and other rusty spots, getting a new coat of paint, converting to a 5 speed from the old 3 speed dog leg, new seats with harnesses, roll cage and other stiffening options, coil-overs to replace the leaf springs, and work on increasing the output of the old engine with a fresh rebuild and a head from the 250 I6.
It will be incredibly interesting to see how you will install those parts, as the set up didn’t seem to change even with the 13 year gap of our cars.