I know i need the computer and wiring harness and the 8.8 rearend, but i was wondering if i needed to replace the brakes and the front suspension or what i'm trying to decide if i want to do this or just wait for a cheap v8 car.

 

spindles and such you want it to stop dont you
find a v8 fox in a junk yard and youve got it

 

For a 5.0 Conversion use have to replace these parts:

Computer wiring harness (Dash harness doesnt need replaced)
Brake booster
Master Cylinder
Small brake lines coming from master cylinder
calipers
spindles
rubber brake lines
rearend
fuel lines
tach

I thinks thats about it

 

not necessary whatsoever to upgrade the brakes ...why?? the 4cyl models have 10 inch brakes ..infact the same size as the 5.0's up to 86 had until switching to the 11 inch in 87...my 92 4 cyl conversion to 5.0 still harnesses the 4 cyl 10 inch rotor set up and has seen many mid 13 sec passes just fine and stops great