Hi Ski4evr,
Stovebolt sells a rebuilt Holley-Weber 5200 for $65. The 5200 is a well designed, reliable carb. They were used on Ford, Chevy, and Chrysler products for several years. They are progressive, i.e., run on one venturi until you put your foot in it, so they provide good bottom end torque, good mileage, and added performance. The best carb for the Mustang is the early, "non-feedback" version, which is the one sold by Stovebolt. There are some installation issues you need to be aware of:
1) Since these carbs were used on a number of engines, of various sizes, the idle and main jets that come with the carb may not be correct for you car. However, this conversion is common. I would suggest that you talk to Tom at Stovebolt about setting up the carb for your car.
2) This carb requires an adapter to install. Your 68 head has a 1.5" carb mount pad. The 70 head you plan to use has a 1.75" carb mount pad. An adapter is available from Stovebolt (the generic version) for about $20. This adapter is not built for the Mustang but can be made to work. Personally, I do not like the end product. For my money the Clifford adapter is the way to go. It is designed for you car (1.5" and 1.75" versions), is well made, and will provide for enough hood clearance to install a common air cleaner. It costs about $70.
3) Throttle linkage will have to be modified. This is not difficult, but you need to be aware of this requirement. Specifically, the extension between the throttle arm and carb will need to be longer, and the linkage on the carb will need to be modified to allow the carb throttle shaft to rotate the correct direction.
4) Air cleaner. There are several choices here. You can obtain a stock air cleaner from a vehicle that used this carb (Pinto - Chevette), purchase a LOW PROFILE after market Weber style air cleaner (expensive), or purchase an adapter from Stovebolt that will allow you to use a standard Holley 2100 - 2300 air cleaner (about $10). Personally, I think this is the way to go. These air cleaners are easy to get. Come in many sizes. Can be had for about $25 (chrome if you like). See
www.mustangaroo.com for an example).
5) Ignition. Your car may be equiped with the dval vac distributor. I say may because Ford converted to the dual advance distributor in 1968. However, Ford alway did change-overs on the fly, so early 68 cars may have the dual vac. This is an important issue as the 5200 will NOT support the early distributor. If you have one, you will need to switch over to the dual advance type. A simple matter of pulling one out and putting the other in. A rebuilt dual advance runs about $70 with cap, rotor, and points. If you want to go electronic, you can install a Pertronx II and Flamethrower coil ($70 + $ 35). This is a major upgrade and will give better performance and mileage. Can be installed in about 20 min. Just like installing new points.
Probably more than you wanted, but I like to be sure people considering this conversion are aware of the issue.
Enjoy the trip - Steve