ohhh baby....I love those old style Mustangs....
Well if you want to get it running good, you will need to rebuild the carb definitly.
Look at the condition of all the hoses, the cooling system, radiator and all that stuff and if they are bad, they need replacing.
Depends on how much you want to tear into it really, if you want to just get it running good, or you want to rebuild the engine. If you do the former, it may only cost you a few hundered for some parts, but if you do the latter, it may cost you a few grand to have the engine rebuilt.
Next is the tranny....depending on what condition it's in, you may need to have that rebuilt too, but if it's in good shape you won't.
Then theres things like the driveshaft and rearend that you will need to look at and see what kind of condition. Then there is the braking system...again, check the condition.
There's a lot of things that you need to make it run good, I would have a mechanic check it out and he could tell you what kind of shape it's in, and how much work you'd have to do to it.
