My new project car

It cost me $1500 for the car and nearly $300 to tow it home.

This is is close to how it will look. This picture is from http://www.phoenixgraphix.com/ they offer the complete decal replacement for this car.

RECENT PROGRESS:

Ignition cylinder replaced
Door locks replaced
Drivers mirror replaced
Compression test: about 150 psi (or a little hight) per cylinder
Starter & fuel pump work

Oil change

Door pins replaced

NEXT TO DO 
Drop fuel tank & clean
Test rad 
Figure out why the Crane hi-6 ignition isn't working 

Remove heads: those are going on my '80 'Stang

What I know so far: 302 with a carter carb on an edlebrock intake. Equal length BBK shories, and Hi-6 ignition. Automatic: probably a C4 and stock rear diff. Looks like 2 1/2" dual exhaust, H pipe and flowmasters.

I had to pull the front off to get it out of the field.

I've finished the clean up.I found old spark plugs and they were very rough. I've pull the plugs from the engine and they looked good. So I'll do an oil change, clean up the carb or put my 670 avenger on it. Flush out the old fuel from the tank and flush the rad. Turn the engine by hand and then do a compression test if I can get it to turn over. The wiring on the car is a bit scarey so I'm not sure if I'll get it to start.

I think I will repaint it silver, keep it stock looking except it will have modern wheels. I have found replament decals however I think I'll put the pace car strip on the side and have it go over the roof. I'm not sure that I like the thick strip that ends on the rear spoiler.

So the valve covers are off. The previous owner stated that it was trick flow heads with roller rockers.

I would like to find a wrecked 95-98 mustang gt and tranfer the 4.6, tranny, rear diff, disc brakes and front spindles. I would also like to switch it to a 5 speed.

The interior may be left stock but not red, or at least a lot less red.

Some buck tag info:
132828 = production sequence number (32,828th '81 Mustang scheduled for production at DAP)
61R = three-door hatchback
D = 4.2L V8 engine, 120 HP, 2V
MO = moonroof/sunroof
092x
1T = Light Pewter Metallic exterior paint
TT = (Black) Lower Tu-Tone Paint Treatment
DF
ST
05
RA = road abrasion treatment
HB = heated back glass/rear defrost
CBR = Cobra Option
07 = full-length, rear facing hood scoop
23
18
8
6
1FA = Ford Motor Company, USA
B = active restraints/manual seatbelts, w/o airbag(s)
P = passenger car
15 = three-door hatchback (non-Ghia)
D = 4.2L V8 engine, 120 HP, 2V
5 = check digit
B = 1981 model year
F = Dearborn, MI assembly plant (DAP)
door tag:
F0127 = front accessory load reserve
R0000 = rear accessory load reserve
1T 1C = Light Pewter Metallic exterior paint w/ (Black) Lower Tu-Tone Paint Treatment
B7 = Pacific (Ford of Canada) District Sales Office
61R = three-door hatchback
QDC = low-back bucket leather/vinyl seating (Q), Medium Red (D) (C unknown)
7 = AM/FM Multiplex (stereo) radio w/ cassette, w/o CB radio
C = sunroof w/ removable glass
G = 2.26:1 rear axle ratio w/ conventional (non-Traction-Lok) differential