Actually, $1400 for a Mustang like you described isn't too far off. If that was you I saw Sat on Ulmerton, I will say that it's at least an excellent 50/50 car. That's one that looks good from 50 feet away and going 50 mph. The oil sucking pcv's are standard issue. Either get another one or you can ditch all that stuff too. The ozone hole will never notice, I guarantee.

You're 16 and you've got a good start on what can be a decent running and looking car given a little time and money. Figure out if you want it to be pretty, or fast...or both, do some reasearch and hang with the guys who know what they're doing with Mustangs and you will be just fine in no time at all.