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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.
220K is kinda high for a 5.0. I bet all the bushings need replaced, shocks, tie rods, ball joints, etc. Everything a 18-20yr old car needs. But do a partial resto on it and start the mod fest. Id be willing to bet he'd take $1000 for it. Try it. Tell him since the engine is going to need rebuilt in it, you were wondering if he'd take $1000.