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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.
It should idle at whatever RPM you have it set to. That all depends on how you have it setup / tuned. I set mine to 750 - 800ish because that's where it seems to run the best for me.