Helmut/Rubber,
No way jose! I would never do such an injustice to myself, my vehicles, or the Ford badge!

I'm on the same track(s) as you gentleman. Sorta.....
I am currently in TN, and live in FL. So I am finishing the car, before I trek home. However, I'm taking my time. No shortcuts at all costs. Money being the only problem unfortunately at this time.
The car is not an inline 6 originally, it is the 3.8L V6. I believe the K Members are the same, but will double check tomorrow.
The Non-HO is a pos 160K, oil leaking SOB. But for the price of $500 for a running, driving, titled car.. I couldn't pass it up. I got a full set of seats, a good tranny, and the 302 platform to work with. Of course I got the whole harness, ecu, and any other doo-dads that I need, just right outside the shop doors waiting for me to snatch it!! I'll then sell the donor car, with the 3.8L V6 in it, and the stock stuff from the 'Stanger. I'll try to get my $500 back out of it if at all possible!!
My plans for the motor itself, at this current time, are to rebuild the entire upper end. All gaskets from the heads up, and an oil pan gasket as well. A fresh oil change, new fluids, and she'll be a beastly 125 hp, to drive me home! The car is going to do 11.49 or better, and lift the fronts. That's the goals. Time wise, I cannot get that done while here (most likely). So I want to have the motor freshened up for the 10 hour drive home. Then when I get home, it'll get a complete rebuild. Prolly have it machined, and taken out to a 306. Then work on getting Heads, Cam, Intake, and Exhaust.
As for the rear ends doings.... I'm going to get the 8.8" from 351Coupe, drum to drum. That will solve my 7.5" headaches (I have two of them, the Stang's stock one, and the Cougar's). Before installing the rear end, I hope to be doing a full UPR rear suspension treatment. It'll receive the full on spherical bushing treatment, uppers, lowers, anti roll bar, the works. The car will see limited street action, save Saturday Nights!
Josh