it all depends on if you've done one before. If you know what your doing, you can pick up some good deals on abandoned projects. If it's your first, you should buy a driver that needs some work and learn as you go : )
The best way, as always, is to buy one that's already been restored, and driven, and whoever owns it has lost interest in it. If he needs money or lost his garage space, that's even better. That's the cheap way.
I don't know what state you live in....but I just spent 5 yrs in Florida.....that state is absolutely loaded with vintage mustangs and as prices go.....they're cheap!
the GMs were a little more expensive and Mopar...forget about it....tons of dough.
getting back to the Mustangs....Honestly it might be cheaper for you to look into buying one there and transporting it home...my next door neighbor had a 66 Stang and He was only asking 5K for it....it was in fabulous condition...a everyday driver....and it wouldn't have taken much work to become pristine....I saw a lot of Ford mustangs for sale in Florida...and most were in decent shape....it's just a suggestion.
Save up $10,000 to $20,000 dollars first to put it in good working condition or just pay the price to someone who has already done the restoration work. I've recently completed a three year restoration of a '65 which belonged to my son and believe me $20,000 wouldn't start to repay me for the parts. I also have a '68 which I have owned for nearly 20 years and recently did some freshening up on it. Rebuilt the engine myself which ran me with parts and machine work around $4,000. A complete paint job along with the needed body work was $8,000. So when someone has a really nice Mustang for sale don't even tell them, "You want way too much". You get what you pay for. Aside from that, check to see if there is a Mustang club in your area. Many times the members have, or know someone who has a car for sale. They're also great guys to get advice from on whether a car is worth what it's being offered for. Good luck. It's a great hobby and one where a father and son or even a grandfather and grandson can get a lot of time together on a project.
SVO is correct....you should first look for a daily driver in good shape...It can be done as I bought a 66 coupe in fairly good shape for 5 grand with the interior just redone....It was a 200 cid six...That motor came out.. I ordered from Smeding performance a 347 stroker engine for around 8 grand.. Purchased a rear from Currie.. with the 11 inch explorer brakes installed for around 3 grand. then the tranny came from eatmyshift.com in Fla. a AOD trans with a 2800 stall converter to the tune of around 2600 bucks...as you can see these projects can get expensive....You really dont need to go with all new parts but I did because in the years to come this car will be passed down to my daughter,, she is seven and can already drive...Lookout ashley force...
If you really want a true project car then I would suggest trying to find a Mustang shop close by. Or even the junkyard... I personally have a 68 project car and the truth is that its proven to be quite a task, but I wouldnt trade the experience for the world!