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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 can't say for sure. But I was a bike mechanic for three years, and saw plenty of burnt exhaust valves and cylinders with low compression as a result of people swapping exhausts and intakes, and not rejetting their carbs. In these cases, the cylinders ran lean (lack of fuel), and were damaged. It all depends on how long and hard you ran it like that. Generally a simple compression test will rule out this type of damage though.
i bet it smelled sweet all that gas inside your car, JK that sucks had that happen on the wifes car, shouldn't be any permanent damage, at most a burnt valve, but if you knew about it and didnt drive it your ok