Whenever Im around anyone who knows classic cars, and i mention the Mustang II, they usually say ew, gross, or ugliest mistake by ford. I would buy it for its notoriety of being such an ugly, swept under the rug Mustang. Also, as you stated, know one else has em. you dont see em around. As far as engine reliability, i have no idea.
EDIT: just realized you said rebuilt 302. so that makes it even better maybe. I'll be watching this thread, id like to see how it goes.
2002 GT 5sp. 16x,xxx miles
Steeda Exhaust, C&L plenum, BBK Throttle Body, Steeda Underdrive, Steeda short throw, unknown stage clutch. Rear main leak. Compressor seal leak. Steeda lower control arms. good tires.