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I believe it can be done. You just have to know one thing, the Cobra replicas hold their value better because they generally have lower miles and lighter use. Once you put it into daily circulation it will depreciate more rapidly, though not as much as a Corvette for example.
I think it could be done and an MP3 option is one of our most popular installs on the Backdrafts. I would recommend a modern powertrain like the Coyote 5.0 setup. It will bring a lot more reliability to the car.
Let me know if I can help in any way.
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