Note: if you haven’t read the first installment of Joe Grippo’s Project Phantom, check it out by CLICKING HERE.

(Words and photos by Joe Grippo) The last installment of Project Phantom was an introduction to my wife Stacey’s 1969 Mustang GT and gave the back story to how we got to this point in the car’s life. (Hit the link at the bottomof the to read Part 1.). We ended the previous story with us attempting to get the Mustang roadworthy with the intention of addressing things on an as needed basis as we went along. Here is what transpired.

The mechanicals are where we chose to start, specifically the rear end. We had an opportunity to grab a new 35 spline Eaton Detroit Locker from a friend for a steal of a deal. Is that overkill? Perhaps, but the price was right, and Stacey is now set for life in the differential department. That spurred the cracking open of the Moser Engineering catalog and then the purchase of a new 9” Moser nodular iron center section, a billet Daytona pinion support, a 1350 billet yoke, 35 spine axles and a 3.89 ring and pinion. So, we yanked out the rear, media blasted the housing, welded in a new drain plug and a fill bung plus a nice back brace for stiffening. We also added new spring perches and boxed them in for strength. The next step was a call to Calvert Racing for a pair of their killer Split-Mono Leaf Springs, a set of Calvert rear shocksand of course a set of CalTracs, the ultimate in traction aids. With a fresh coat of black the rear end was assembled, andwe slid it back in the car. We also called up Dynamic Racing Transmission and got new C4 trans and an9” TCT convertor, along with a new 3” DOM shaft from local shop Hartman Driveshaft and Mark Williams 1350 slip yoke. Things were starting to progress nicely. However, while lying under the car doing this work, I started to really notice how bad the car was structurally.

However, while lying under the car doing this work, I started to really notice how bad the car was structurally. The deeper we got into the reality of what Phantom truly needed, we were forced to alter our plan entirely. Here is a quick rundown of the glaring issues. The floor had been replaced and was not even touching the floor supports. Pretty scary. The aprons on either side of the shock towers were riddled with rust, on both sides. The trunk floor was patched and rusty. The driver’s side had taken a major impact at some point in the car’s life and the rocker/door jamb/quarter panel and roof areas had been repaired butnot very well. Sheet metal-wise we were already aware that the doors, fenders trunk lid and hood were all questionable. Both quarter panels were patched and needed attention, (no surprise there as that is common to Mustangs of the era, especially one thatspent most of its life breathing in the salt air of a northeast shore town). These new discoveries left us taken aback and disheartened. Stacey and her Uncle Eric had got the engine back to running condition a few years earlier, so that was really the only bright spot. So, once again, we had to reevaluate our path forward and in a big way.

This forced Project Phantom onto the back burner while some big decisions needed to be made. One decision was: is it worth fixing? That was easy…yes! It was the car Stacey rode around in as a child, it was her late father’s pride and joy. Plus, it’s a real ’69 GT Mustang and there is some intrinsic value to the car itself. Financially and effort-wise, we would have been better suited finding a similar car in much bettercondition, but ultimately it wouldn’t be thiscar. The real-world cost of this undertaking wouldn’t be for the faint of heart, so how to pay for it was the next hurdle. We don’t have piles of cash sitting around and one stipulation Stacey and I agreed on was to incur little to no debt while putting this thing back together. Another rule we set was to pay as we go, no loans or racking up credit cards, it may take longer, but we just want to be smart about our approach. We need to work within our means and be realistic about our capabilities. I have seen too many projects start out guns blazing only to fall apart when the realities of building a car start to show themselves.

Examining the project scope, structural issues, sheet metal repair and paint are certainly our biggest immediate expense. I have also found that a good rule of thumb when dealing this type of work is get a few estimates, pick one and double it. Also, keeping in mind that once we get out the hot wrench and cutting wheels, we were certainly going to discover more unforeseen problems, we wanted to pad the budget substantially. Doing this portion of the project ourselves was not really an option, we want it done in this decade, and we want it done right. Our home garage is spacious, I have ashitload of tools and lots of ambition but time and talent is where I come up short, especially when it relates to bodywork. So, this brings us back to the question of how to pay for it. This is where it got tough.

With Project Phantom on hold again, Stacey started doing some soul searching. While we haven’t mentioned it until now, Stacey also had ownership of her father’s 1965 Dodge Coronet 440. Harold Slick purchased this car in the 80’s, years before he passed away in 2001. The Dodge, dubbed Night Stalker, was a solid, original paint survivor with a complete 440 Magnum\Torqueflite\K-member from a ’68 Coronet slipped in for good measure. Since Stacey had the car, she added wheels and tires, new trans and converter, new 3” exhaust,new cooling system andan updated wiring harnesses turning the car into a reliable, totally badass street machine with a nostalgic Super Stock look. We took this car everywhere and it was loads of fun and always turned heads. And while she loved the Dodge, the allure of Phantom always loomed in the background. After almost a year of deep thinking and deliberation, Stacey came to the agonizing decision to send Night Stalker down the road. I was against it at first, but I knew it was the best way to get the much needed influx of cash to get the Mustang project really moving. A true automotive Sophie’s Choice.

It was decided to take the Dodge to the annual Chryslers at Carlisle Mopar extravaganza held at the spacious Carlisle Pennsylvania Fairgrounds each summer. We secured a Car Corral spot, assigned an aggressive price and decided on a minimum number we would accept. After a few tire kickers, it was looking promising but while driving in on Saturday morning we spotted a guy making a straight bee-line for our spot. Mike from Massachusetts was the dude and he flipped over the car. After crawling all over it, a short test drive and not much negotiating a deal was struck. Only problem was he didn’t have the cash or a trailer on his person. After a few phonecalls, a plan was set up to have one of his buddies go to his house, get cash from his safe(!) and drive down from the Boston area to Carlisle Pa with a truck and trailer for Sunday morning. He made it, the deal was done, the title was transferred, and many tears were shed. It was a quiet drive home with the empty trailer.

Immediately after, flush with funding, the search was on for the proper shop to get Phantom’s structural integrity and sheet metal skin up to snuff. The next installment will show our selection process and what comes next.

Thanks for reading.