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If the oil was changed regularly you should be fine.The valae springs might be a little tired though.It has been my experience that Mustands respond very well to mods even with high miles.Have fun!
I say MOD IT! You can get a refreshed 4.6 relatively cheap down the road if need be. As stated before, lot's of older Stangs get modded every day. Very big aftermarket for the SN 95 platform.
