Lots of good advice above but you also have to realize that a solid 700 hp will only be realized with high (8K or more) rpm's, even with a big stroker.
If I was in your situation starting with the parts that you have, I'd probably build a 408 ci stroked Clever (windsor block with cleveland heads.) Properly optioned it can get you up to 600hp (or so) on pump gas.
Can anyone tell me what year(s) Mustang this shifter bezel is from?
It is considerably larger than the 65-67 bezel I ordered on the left.
Anywhere to buy one of these larger shift bezels along with gasket, shifter bushings, etc?
So two years ago for my wife's 50 birthday I bought her a little '65 that had been a project car of a father and son. There were some mods that were good upgrades and some that had good intentions but never finished. It has a Ranger rear end with disc brakes, a Tremec 5 speed tranny but only a...