I really like the Mustang IIs. But only the well-equipped versions. I also would not drive a 71 sportsroof with a 250 6-cyl, drum brake manual steering car. That is too much work...and as my brother used to say: "if I want to work, I'll get a job!"
But, I once owned a silver with porno-red interior '78 King Cobra. I absolutely LOVED that car...wish I would have never dumped it.
The main problem with the Mustang IIs...and it is a BIG problem...is the "body isolation discs", commonly referred to as "hockey pucks".
They were used extensively to mount the front and rear sub-frames. Instead of a direct mount, they used these pucks to improve ride quality.
They worked great...these cars rode great when they were new.
Unfortunately, the discs deteriortated fairly quickly, resulting in a loosey-goosey squirrelly handling, bumpy and noisy car. Makes high mileage "II"s seem lime a total piece of crap.
Replacing the pucks with current versions does wonders for the car.
Iike many cars, the "II" has tons of unrealized potential. Get a 302 version, put a mild build on the motor ( 250 or so horse), beef up the suspension, tires and wheels and you will have a fun, great driving car that will spank a lot of other cars.