Even as a fan of the Mustang II, I can say that Ford really screwed up by not making the second-gen Mustang more like the Ford Maverick and it’s twin, the Mercury Comet. The Falcon platform would’ve remained, there wouldn’t have been a reason to re-engineer for a V8, the size was appropriate for an early 1970s downsizing, and with a bit of a squint, you can even start to see some Mustang-ish traits to the Maverick that would’ve bled over pretty well. But drive a hot Maverick and you’ll understand the relationship…I may not be the biggest champion of 1970s Ford products but I’ll happily sing the praises of a built Maverick or Comet any day of the week. 
So let’s take our $5,000 budget and head to Oregon, where this Grabber Blue-painted machine is up for sale. The 302/C4 combination is already a healthy start, but what isn’t listed on the ad is what has our eye raised. The seller is clear that the 302 is packing AFR heads…and you don’t just slap on a set of heads. Something else is going on under that hood. Wanna bet that the C4 has been tweaked a bit, too? There’s a true dual exhaust routed to dump on one side, like a 2004 GTO, and that’s it for cues. There’s a bit of bodywork on the passenger rear to deal with and the hood needs to be re-fitted badly. But overall…meh. There’s worse things to deal with than those tiny bits.
You’ll have lunch money left over after making the purchase, but really, just fix the hood up and roll with it for now. Go find a quiet road and practice your J-turns. Trust me…they will come effortlessly.
Refreshing to see somebody with a realistic outlook on CL. Nice car, good price.
The hood fits funny because it is a maverick hood. I would just swap to a maverick grill, problem fixed.
With a swap to pre-73 skinny bumpers, that car would be pretty sharp.
Edit: That is a maverick grill. Eyes are failing me this AM
It fits funny because there’s a 2 inch spacer in between hinge and the hood
Yes to give clearance for the high rise intake and air cleaner. Old hot-rodders trick. Was quite the fad in the ’70s.
You say it needs nothing … I say it needs that maverick nose ripped off and proper comet nose put in its place ..