Thank you for all the comments!
The used project idea is a good one- I'll have to keep my eyes open for that.
As far as the Mustang- I had two kids in private school, and a wife in college. Both the kids have moved on to public high school, and the wife is on track to graduate in June. Therefore, funds have been freed up that had been allocated to other, more important things.
Up to this point, my life story is either money and no time, or laid off and no money. LOL Hooefully, by this summer, I'll finally have both.
Oh, and I'm not dead set on a 427. I was actually thinking of getting the car going with a 390 (easy to find, relatively cheap) and then upgrade over time. I've had cars with big blocks before (Chrysler and Lincoln) and you just cant beat that earth rotating torque! As fun as they were in the big boats, I'd imagine it would be stunning in a small, light car.