First question is of course your budget.
Myself I wouldn't consider anything less than an AM full frame at this point. The new DSE stuff is nice but really the underneath of the Mustang is so subpar you're better off with a full chassis. Tough to fit 12" wheels with just a mini-tub because you will have to eliminate the stock frame rail. 10" is about as far as you can mini-tub. Track width up front is a bit of an issue as well. So definitely do the DSE alum front end or AM full chassis (Roadster Shop may have something as well).
Nice cruiser and "No EFI" do not go together very well in my mind.
Wheels and interior are your call, can't go wrong with Forgelines though.
Anyone building a SBF from scratch should be building a 427" IMO, but don't overlook the Coyote. Oh wait, you don't want EFI.
If you want sky is the limit, look up Eckerdt's Rod & Custom Mustang Mach 40. I am currently widening my 1967 4" like they did to get around the limitations of the stock body dimensions and big tires and big track width and low ride height. Like I said that's probably farther than you want to go based on what you said about "sleeper" and "cruiser".
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