the mustang II and FOX racks are basicly the same. the EARLY MII racks had a narrower mounting but then went to a wider mount (they only moved the passenger side mount farther out) so they do interchange.
I would say find a cheap tubular fox K member and trim it and weld it into your falcon/mustang and locate the struts into the shock towers on smoe plates (simple drilled plate mount) and run coil over struts. would be a pretty cheap setup and I am sure would yield good results.
there was a post on HAMB on how to make and layout our own MII setup (how to locate the rideheight and all properly...even how to make spring cups for coils) if you are handy with a torch and welder it would be a simple project. I do like the grafted on stock frontend as it make it look more factory like.
I have never heard anyone mentioned that their car handled on rails with it though.....just handled better and road better than their stock setup (which normally is worn out and sloppy)
do some layout and look into putting the MII spindles on some cirlce track arms using the stock suspension points on the falcon chassis (you might need to lower the upper arms though) that would be a pretty straight forward swap also only needing to convert the rack into the car.
I did my sr project on building a fox based double a-arm setup (all 3-d modeled and all) and when researching parts it can be done pretty cheap if you have the fab and layout skills needed. Circle track arms run about $80 a pop (so $320 for arms of your length) and then whatever spindles you want. My setup used an upper bracket (my design but factory five sells one) on the stock strut spindles. I front halved the car (new fabbed frame rails and crossmember) the little things eat you up though. I think I have about $3k in my setup for front AND rear. This includes spindles, front and rear disc brakes, master, booster (hydraulic) arms, steel for frame rails, bushings, wheels. The only thing I am short is shocks/springs which will put me up to about $4K total for all new braking and suspension. the thing I found is you could do it on the cheap for about $2k...but going ALL out is only about $4-5K (I am talking splined swaybars, coils overs in all corners that are adjustable, full framing the car and all) I have all this stuff drawn up and in boxes...just waiting for a garage to do it all in.