+1 on lowering the front. I would do that before messing with the rear so you only do it once.
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Im still curious about those measurments from the ground to the center of the wheel well lip....?

 

I put the car in the street and measured. The rear is 26 1/4" and the front is 27 1/2 ". Then I put a floor jack under each side of the rear. This is where I thought the rear looked decent.



The interesting thing is I only raisedthe rear1/4". So now I get it.... I need to lower the front. I sure wish I knew what springs I currently have, so I'd know what to buy. I guess I'm going to have to assumethe previous owner put big block springs in there.

 

so what are the measurements now, front and rear with it sitting how you like it?

 

btw
the 390 weighs in at 165lbs more than a 289/302 so theres another "backyard test" for ya.
put a 165 lb person on the front fender and measure again.

with the heights you posted, i'm still betting the front springs are big block. PO screwed up.

then, if it were me...
1) if planning the shelby drop, do this first.
2) change the front springs
3) get the new rears reset with a mid or reverse eye to bring them in line.

remember 26" is standard height, so you are over this both front and rear already.

 

Yes, your front is way high. Your 1 1/2" above stock in the front and 1/4" in the rear.

I'd swap the front out with a set of 620"s and itll even you out nicely.

 

I had my wife sit on the fender. She's somewhere in the neighborhood of 160 lbs. The car came down almost an inch, from 27" to just over 26".

The pics are dark (inside the garage / raining outside), but here's the before and after:

 

MustangsUnlimited has these stock springs:
http://www.mustangsunlimited.com/ite...p?T1=CS8304+01

These also look interesting... 560 lb springs that lower the car 1". But if I do have big block springs, will I be lowering it more like 2"?
http://www.mustangsunlimited.com/ite...sp?T1=GT515+01

Finally, here's a 620 lb 1" lowering kit. Same concerns as above.
http://www.mustangsunlimited.com/ite...?T1=C307KIT+01

 

You could have killed two birds with one stone. Should have made her wear her bikini and took some pics.
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A 428 would do the trick. I would say it would give it a good stance.