Mike,
I did some Car Guys and Track Time open track events as an instructor in my stock except for Koni shocks 88 5.0 Mustang Hatchback. Don Forester still owns it according to Chip Stabler. This was in the 1989 - 1991 time frame so the car was still very new obviously.
There is a lot of tech info in the Ford Racing Catalog
http://www.emagcloud.com/FordRacingCata ... x.html#/1/ There is a pdf download link at the bottom of the page.
I always fried the brakes (long before Carbotech, etc.) and had no brake ducts. Tires/wheels were oem Gatorbacks. It NEVER ever had any problems except brakes, even when towing my FF in 92/93. I drove very tentatively back from Mid-Ohio and from Watkins Glen thanks to very tired brake rotors (integral hubs) even though I swapped pads if they were gone.
The closest mechanical "call" I had was when removing a block drain plug during a coolant change the plug was barely in the block and could have fallen out at any time in the previous 50K or so miles.
My car had the 15X7 four lug wheels and the shorter (3.08 I think) rear gears plus Traction-lok lsd. I replaced the lsd clutches once and did use Redline NS diff gear oil.
Speaking of the rear end, banking and maybe other long left turns is likely to spew gear oil out the axle breather. There are a couple of approaches to this problem that I've heard of but don't have the details. One involves simply using a fitting to allow a hose to a higher level and/or catch can. Another did some sort of baffle (?) vent, maybe from another Ford vehicle.
Your biggest problem may be finding one that won't be beat to $#!! so that you can stay within whatever the chumpcar rules are. Obviously there are a Zillion times 10 parts out there even now.
Edit to add: I never had any overheating problem with the stock radiator. I didn't keep the car long enough to have any issues with the ignition module (up front I think) and don't recall doing a preemptive replacement. I don't know if the newer versions used the same ignition stuff. I do know the EFI system was changed soon after my 88.
Dick