Personal opinion here, but...
That Mustang is a pretty light ride (2,600 lbs?), so a warmed over 200 would probably be pretty easy.
None of this is really going to be cheap, but a fresh engine with a good head (aluminum from Mike at ClassicInlines?) a decent cam. a DS-II or DUI ignition, and a 2 bbl carb should wake it up.
The nice thing about it is that you can drive it while you build the new engine, and then the swap is a matter of a few days with the exception of the exhaust work.
You could even leave the stock exhaust system for later, knowing there would be some sacrifice in dialing it in twice.
Benefits:
Easy swap (everything except carb linkage should fit like it is now, A/C, alt, PS, etc).
Stock cooling will be adequate in most cases.
Parts are readily available.
No tranny fitment issues (use the one you have, but you might have to swap bells and clutch or torque conveter if you use a later block).
You have to remember that HP is a bit of an arbitrary gauge. The higher the RPM's the higher the HP generally. The reason most I-6's don't "rate" that much HP is they don't wind up that high, but how often will you really be hitting 6-k on the street anyway?
You may only see 200 HP or so, but the more important value for most street applications is torque. These engines, set-up correctly, should give you a nice broad torque curve in the 250 to 300 ft.lbs range.
For comparison: a brand new Mustang V-6 is only 210 HP, and that's a 3,500 lbs car. You may not wind as high, but there is a definite weight and torque advantage. And, mileage may not get to the 25-mpg mark, but you'll at least be within range of it, depending on your driving habits.
And, depending on the condition of the existing 200 you already have in the car, you may be able to do an incremental upgrade to the existing block without having to pull it to put in a "new" block.
Just a thought mind you.