I don't have any direct experience with a Fairlane, but I'll tell you about the other front suspension swaps I've done, one on my Galaxie and one in my Shelby clone. On the Galaxie I used an Art Morrison weld-in front clip and a Mustang II style front suspension (with tubular control arms and coil overs, not stock Mustang II parts). I bought Wilwood front disc brakes to match this setup. That kit used a front steer rack, and required a rear sump oil pan. That one worked out very well, and the car rides, steers, and handles MUCH better than stock with that setup.
On my Shelby clone I used a Fatman Fabrications front strut kit. This kit uses late model Mustang spindles, rotors and brake calipers, and an Escort rack and pinion. This setup is a rear steer rack, so you can still use a front sump pan. There is a chassis plate that bolts into the the stock lower control arm mounts, so it looked like it would be fairly easy to install. However, the quality of the kit was poor, and one thing they didn't tell you about was that the kit reduced the front track width by 4"! I ended up extending the lower control arms that came with the kit to make up the difference in track width. Calls to the manufacturer were not helpful during the installation. But, I was able to modify the kit enough to move the front struts outboard and eliminate the shock towers. And, now that it is installed, it drives and handles pretty well. I wouldn't say its a lot better than the stock Mustang setup, but it is certainly lighter and steering with the rack is an improvement over the factory steering box, in my opinion, although the turning radius has increased somewhat.
If it was me, I'd be looking at the Art Morrison stuff...