First and foremost, I'd like to thank everyone here for their tips and encouragement. My daughter's Mustang is on the road again after being down for 5 weeks. 2 weeks finding an engine and 3 weeks of hard but loving labor. Here's how it came out:
Salvage engine - $300
Gasket kit - $60
Oil pump - $20
New plug wires - $42
plugs - $14
Coil - $12
Misc nuts and bolts - $25
Trans filter $20
Exhaust donut - $10
p/s belt - $8
oil drain plug - $3
paint/sealer/oil/trans fluid/vacuum line/p-s fluid/degreaser, etc. - $60
Subtotal - $574
Elbow grease - 55 gals.
Blood, sweat and tears - BUCKET FULLS!
Trips to AutoDiscountPepZone - a GAZILLION!
Previously invested on old engine:
Holley 1946 carb (reman) - $148
p/s hose - $26
replacement stock dist - $80
remove cat conv and replace lead pipe - $35
fuel pump - $20
Subtotal - $309
Original purchase price of car - $550
Total invested so far - $1433!
Not bad for a labor of love.
Runs great, plenty of power, shifts perfectly. Even the power steering works now. My daughter is a VERY happy camper again.
Timing set at 12*
RPM's at idle = 650 - 700
Carb set at about 1 1/4 turn out on the idle fuel mixture screw.
Thanks again guys!