guycamm55, I have the StangII under my 37 pickup and it has been just fine. I actually got it out from under a car in the junk yard for $75 back in late 90's and used the rack and pinion, master cylinder, and back then even the calipers for cores when I bought new ones. I didn't have the cash for the high dollar stuff and I probably wouldn't spend it today. My only drawback is I like to go fast sometime and the smaller Mustang calibers are just a tat weak if your not careful. However, you can the bigger GM rotors/calipers to go bigger.
Next, I have a 52 panel that is straight axle with a V8 that I have power steering on. I have driven it on some pretty long trips and it has been fine. Just make sure the king pins and bushings are in good shape as well as the tie rods ect.
Let us know what you decide...believe it or not, we ARE here to HELP.