This is my Falcons build thread:
https://lateral-g.net/forums/showthread.php4?t=39876
It was reasonably competitive 2 seasons ago, but now that the fast guys are on 315's and larger it is a little off pace.
Most of the 65-66 Mustang parts will work for suspension. The exceptions are the steering center link and the leaf springs. Mike Maier Inc makes an early falcon specific coil over upper arm with excellent geometry and uses a JRI shock. I have the prototypes on my car. The 70-73 mustang spindle has the strongest pin and the correct geometry. If you want to run larger than 225 front tires you will need some custom spindles. We are also working on a MOD2 torque arm that is a little narrower to fit the Falcon's frame rails. I should have it under my car in the next 6 weeks.
With a V8, 5 speed and decent sized wheels and tires you will be right around 3100 pounds. Add a cage and some safety gear and you are right at the 3200# minimum.