I bought this 1987 NA 2.3L 5 speed for $1350 in August '04. I bought it to do a 2.3L TurboCoupe swap. Here's some pics after installing:

-TurboCoupe 8.8" rear end with disc brakes included, springs, and sway bar
-16x7" TurboCoupe wheels
-225/50/16 BFG's all around
-11" front rotors, stock calipers
-Ground Pounder products
-Front tubular control arms
-Rear boxed upper control arms
-Bump steer kit
-front adjustable springs
-Tokico adjustable shocks

Then came the motor out of my dad's wrecked '87 TurboCoupe. Before installing it I rebuilt it. It had 170k miles. It looked good when I pulled it apart. Rebuild included new rings, bearings, seals, gaskets, ARP head studs, head gasket, machining the deck .007", honing the bores and the crank was micropolished and turned. Engine was assembled and painted. I bought a new E7 manifold off eBay and a good used head core since my original was cracked. Found that out after porting it for 3 hours and finally noticing the hairline cracks under the grime/carbon. Also got a first Gen DSM BOV and some eBay 35lb/hr injectors.

I ditched the stock turbo and bought one from cheapturbos.com, a T3/T4. My first one was a cheap YZ eBay turbo that smoked after about 20 minutes of running at 11psi.
Then my dad helped me weld up a custom 3" downpipe with no cat and a 3" MagnaFlow, custom intercooler piping and a front mounted stock TurboCoupe intercooler. I got an aluminum radiator as well. B&M shifter too.

Here's the first dyno sheet from FocusCentral aka Central Coast Mustang. I didn't have time to correctly fill out the sheet, but its my car for sure. Results: 255whp/255wtq at about 18-19psi and 12 degrees timing on 91 octane. Not bad for half a 4.6L! :)
Updated 1/2/05

Here's me with my money pit!
Pics taken at LACR at Hangover nats. I went with my dad to brake in the motor. ;)

Here's the TurboCoupe badge installed on my Mustang LX TurboCoupe!
Pic of my new turbo and my centralcoastmustang sticker. Got represent my "sponsor"!

These pics taken 12/18. Got it running but while taking my bro for a ride to video the car during some acceleration runs, I smoked the turbo, literally. At the top of third gear it let go with a pop, and billowing white smoke. Ouch! I was scared to death thinking it was newly rebuilt motor. But, after checking out ok (plugs, etc), I found that the turbo was toast.


Pics above taken 12/25/04.
-Short shifter for Christmas. Its a Hurst with the stock knob. Here's the difference compared to the stock shifter.
-A pic of the 3" custom downpipe, taken from a V8 Catback system. :)
-A pic of the blown and wet with oil YZ Turbo, I bought brand new off eBay. Don't by these. They are obviously chinese pieces of trash. I didn't spend enough time researching. So, arriving this week is a Garrett T3/T4, but with a .48 A/R instead of the .63 A/R on the one I bought.
-A pic of my adjustable FPR and slightly smoothed over lower intake manifold.

More coming soon!
Should be running again this week.
2/16/2005
Well, after going to the drags, blowing a head gasket (lucky nothing else broke) and tweaking and tweaking the wastegate actuation and orifice porting (the boost kept rising and would be slow to respond, aka lag-city). I finally opened up the housing orifice to the wastegate and got full boost (19psi) by 3600 rpm instead of 4000+rpm. I took it to the dyno again and made:

266whp @5100 (309HP with 16% loss)
302wtq @4300 (350TQ with 16%)

AWESOME! Granny shifting into second results in useless wheel spin! :) So, I made my goal for hp and tq.

Thanks for looking. Hopefully I can get to the drags again soon and get into the 13's on street tires in Palmdale.
My best so far is 14.69 at 99mph with 2.5 short times. That was before the wastegate was fixed. So, now I have 12whp and 47wtq at peak more than before. The quick response will be the biggest difference. Now when I hit 4th gear, its full boost instead of waiting for the boost to build back up. These best times were with 205/50/15 drag radials. I actually had better short times (2.3's) with the street tires. We'll see!