Steve;
I know it would be a long haul,but bring all your stuff down here to my shop in central Louisiana and I'll get a bunch of road racer friends over here one weekend and we'll all have a blast putting your car together with you..........
I know the logistics are not too good,if I were any closer, I'd be there in a New York minute.............
The 88 Mustang should make a very good track car and you will have a blast with it........I'm not too sure about the T-5 holding up to hard racing,you might want to keep an eye out for a good used toploader for a possible back-up trans for future use,they are practically indestructable......
BB or SB,for me,for road racing,no question,small block all the way........
hope all goes well with the car and have a blast driving it!!!!!!!!!!!!!!!!!!!!!!! most fun you'll have with your pants on!!!!!!!!!!!!!!!!!
David