On a 5.0, the stock engine is pretty restricted, heads, intake, cam & exhaust (when done right) can really waken up the potential of the motor.
For the suspension, I'd go with the eibach springs, a polyurethane bushing kit, steering rack offset bushings, and caster/camber plates. This along with full length well in subs, welded torque boxes, and strut tower brace will really get it together.
Koni Reds are a good shock for the Foxes also
The best bet for front brakes are the SN95 front spindles and SN95 Cobra calipers/rotors (parts availability are the best and they are 13 inch). Rears are Lincoln Mark 7 rotors brackets and calipers, but the lines will need to be adapted. This is what I am hoping to do to my Fox. Right now I have a cheapo 5 lug conversion that cost me 150 bucks, but stopping power is under par.
If you are going to look for one, think about all the years, 1979 through 1993, because you will be effectively changing all the running gear anyway, so you don't have to worry about crappy lo-po engines etc. I have seen low mile 1979-1982 LXs and GTs go for a couple grand with perfect interior and body, making them an excellent candidate for a G-machine makover.
Also, the late model modular motors will fit in that car. It will need a K-member from a 1996-up GT or cobra, or an aftermarket one made for the 4.6L The 1993-up Lincoln LSC engine is 300 hp and gets 30mpg on the highway (if you keep the stock computer) or if you supercharge it, 500 hp is easily attainable.
Either way, good luck and keep us posted.
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