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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.
you need a lower end rebuild. talk to a guy on this site named FullAuto, he sells stroker kits for under a grand. you'll need a few hundred for the machine work, but its worth it.
I don't think $1000 will get it fixed. Even if you can do the work yourself, take the engine out, machine work is expensive. You may want to save up some more and if you have to bu a new crank get rods and pistons with it and add some cubic inches.