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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
I'd still go with a drag radial, just one that gets decent street mileage. The Nittos seem to get the best mileage that I know of. BFG and MT don't get nearly as good of street mileage. But, that's just me. I like beating the hell out of my car every chance I get.
Couldn't hurt. Control arms aren't going to do too much good if you don't have the tires to grip. Certainly get some arms in the future though. I'm getting ready to purchase some myself.