I'm really not here to give you or anyone a hard time - in fact the opposite A good Windsor 5.0 (302) started back with some real HP in around 1985. You can work with OE to a point. Most 73-84 engines lacked basics for power. The approach was to reduce emissions thru de tuning the valve train, lower compression ratios and increase exhaust valve overlap. Full blown Ford 460s were gutless starting in 1973 - huge CID engines with 1/2 the power and worse 1/2 the gas mileage for what I wasn't in charge.
The newer a vehicle get the harder it is to mess with real HP. Whether block/engine is really a Windsor or Cleveland alone shouldn't be the issue but it was. The well known 351C was a frighteningly powerful motor. The real pay dirt is in cam and head designs.
What get hard is in mid to late 80s into 90s you are increasingly puter controlled and can spend more than it's worth to try to make adjustments that will work well.
Unfortunately I'm old enough to recall these cars when new from the 60s and 70s. Ford had the habit of underrating HP and torque for a while - best example is the 427 "R" code - fully listed as having 150 HP less than it really had! They would post 390HP and later shown to have 500 to 560HP right from the factory!
I owned a 1979 Cougar XR7 (near identical to T-bird) of that same year. 302 Winsor couldn't pass a jogger but ran well. Ford snuck a few 351s that were either modified or just 302s still with higher cubes. It was a game. I just don't want to see you go thru tons or work and not achieve your goals. In the years mentioned it mattered tons whether the car/engine was sold to California or any other state!
A dedicated Mustang site might really be worth it for you if you want to change things. 79 T-Birds were dogs - knew of many. Glorified LTDIIs in exactly that year. Again - just don't want you to spend the effort for little gain,
T
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Tom Greenleaf - MetroWest, Boston