Maybe you already asked this question...

HERE

 

Go w/ a 94-95 cobra. that'll get you a good head start on your mods. If you're going to go w/ a 4.6, I'd go w/ a 99+ or you'll have to fork over some $$ to do the PI head swap. If you don't, you'll never see any good power out of it (project red headed stepchild in 5.0 magazine or MM&FF, can't remember which).

Plus, parts and mods for the 5.0 will give you more bang for the buck since they cost less...much less in some cases.