I love the fairlanes and galaxies as well. The nice thing about the mustang is that you can get any part you need.
My first 67 mustang was a 6 cyl 3 spd, that I help a friend who bought it from me to change into a 390 4 spd.
It ran 13.6 on 295/50/15 street BFG radials, not much traction. It had a cobra jet hood scoop and sealed cold air to the carb. It was bored .030 with forged pistons. It had 4.11's, traction bars, 6114 Hooker headers, sidewinder intake, 750 carter carb, Crane hydraulic cam around 226 dur at .050, 9.5 compression actually measured. The heads were C8AE-H with only a 3 angle valve job. It weighed 3314 lbs without driver, he had a lot of crap in it and it could have been lighter. It would have been nice to see what it would have ran with slicks.
My 2nd 67 was a black on black GT fastback, 390 4 speed.
My current 67 coupe is a 289 sprint originally, currently has a low compression, lousy quench 460 from a van, ran corrected 11's but time slips of 12.019, 112.98 mph, 60 ft 1.69.
212 degree cam at .050, shifts at 5300 to 5400 rpm's. 3.50 rear gears, C6, 2500 converter. Weighed 3012 lbs at the time, all steel, full exhaust.
I can't help but believe a 390 with good compression, good cam, good quench, good heads, would run better.