The 2.3 is definitely capable of pulling to the 7000-7500rpm mark with a good flowing exhaust (2 or 2.25") a healthier cam, and a really well built bottom end. The stock-bottom-end 2.3 in my '74
stang saw 6500rpm or so on a daily basis for nearly a year when it was in an '88 Mustang with a blown-up A4LD
tranny. These engine are pretty indestructible, the weak link is the camshaft followers, they tend to get spit out after prolonged runs above 6000 or so with stock components, if you use a roller cam and followers you can usually get away with 7000.
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1976 Ford Mustang II Ghia: 302 with a 600cfm Edelbrock carb, Edelbrock Performer 289 intake, Dynomax Blackjack headers, 2.5" exhaust with Flowmaster Super 44s. RJS 11-gallon fuel cell, C4
tranny, chrome 16" pony wheels, fuzzy dice, brown vinyl half-top, and painted in the tackiest color ever (harvest gold, that's why I call it "The Goldenrod").
Also have a 2003 Dodge Ram (lightly modded daily driver/tow rig/office/dining room/home away from home/workshop... I call it "The Big Blue Dawg".)