I'd pass. By the time you rebuild the engine you could buy one with that mileage for the price you'd pay to do it especially for a shop. If not a Mach then for sure a 96-98 or 99/01 Cobra or for a real nice 2V that already runs. If it was lower miles and in better condition then maybe.
If you are dead set on it I'll answer the questions.
1 - Aftermarket heads - They don't exist because they are pointless. The stock 4V heads flow a ton from the factory. This is not like a 94/95 car where the E7 heads were hot garbage and the GT40s were just middle of the road.
2 - Swapping heads/cams/intake is also pointless. The only aftermarket intakes are sheetmetal intakes or modified stockers (short runner) or the intakes on supercharger kits. Cams can get you some gains but they are $1400 or so plus the degree kit. Again, not like the 302 pushrods, these 4V engines had really good stuff right out of the box that don't exactly need upgrading.
3 - All those parts your buddy gave you would just be spares minus the suspension stuff but that all depends what you want to do.
Again, I'd really STRONGLY suggest you buy a running car in good shape and learn the 4.6L first. Most of the car is very similar to a 94/95 as far as like... suspension/nuts/bolts but a lot of stuff is different drivetrain and electronics wise.
And if you are SUPER dead set on getting this car... just swap in a 03-05 (preferably 05) Aviator engine. Its a direct swap. Just changeover the Mustang front cover/accessories and intake plus any other Mustang specific parts and go. The only real difference is the cast crank in the Aviator vs forged in manual Machs but that is a non factor. The cast cranks are plenty strong and lighter than the forged ones.
But one last time... even with that swap...
$3200 for this car
$1000-$1500 for a real good Aviator engine
$1000-$3000 for mods/fixes you didn't know about
$2-$4k for paint
That is assuming you do all the work. $6k will buy you a real nice 96-98 Cobra or 96-04 GT. $10k is almost at high mileage Terminator money.
I really donít want anything other then a 99-04. My dad actually has a aviator with a bad transmission, instead of fixing he bought a new truck. I didnít know that about the aviator.
I only have so much to spend right now. Iíve been looking for months and every gt Iíve went and looked at turned out to be crap, they were lying about most things.
Iím not against getting a gt but Iím not paying 6000 for a almost 20 year old car thatís basically stock. Around here people are asking way to much for them. One guy has a 04 gt with 65k miles bone stock and wants 14 for it. Another 03 gt has damn near 300k miles and also stock wants 5500 for it.
The entire purpose of me getting a mustang was to fix it up over time. I was gonna buy a wrecked gt until I found this Mach 1. But I wanted a car that I could do a little bit to year after year an eventually have exactly what I wanted in a mustang.
As for the parts he gave me some are stock but a lot of them are the mods he bought and took off after he totaled the car. The cams are comp cams. Iíll actually have to look to see if they are the stock ones or if they are the after market ones he got. I know he stripped the engine down after the accident.
And thank you very much for answering the questions about the heads and intake. I really do appreciate that.
The reason for the cam upgrade is I grew up with a dad heavy into mopar, he has a 72 cuda blown. I love the cam lope and if thatís not possible with the mod engine then Iíll skip that.
But back on track lol, eventually I want to build the engine and put a supercharger on it. My end goal for completion is 5 years. That is the goal I am shooting for.
For some odd strange reason I really like the Mach 1 and really like the interior. But my dad is going with me and if he says no, my wife wonít let me get it.
As for the work on the car almost all the engine work will be done by my dad. The paint I wonít touch, tried before and it was terrible.
But who knows I look every day at mustangs for sale and I might find one before next weekend and decide on that.
I got him down to 2500 plus Iím trading one of my Kimber 1911s to him.
Sorry bout the long post and again thank you very much for your input. I do have a lot to learn about the mod engines.