The engine bay color is a semi gloss black. I've had pretty good results with Eastwood's Co Underhood black. The paint comes in either spray cans or quarts (for use with a spray gun).
http://www.eastwood.com/eastwood-s-u...ack-paint.html
I also found the following info per Bob Perkins (well known Mustang restoration expert).
"The Ditzler number is DDL-9423 for Low Gloss Black. I also recommend Ditzler DP90LF Epoxy Primer as a basecoat because the DDL-9423 is transparent over light-colored primer".
As far as engine color, I seem to recall Ford corporate blue. I'm sure someone else here can guide you to the proper spray bomb color from either Duplicolor or Krylon. If you wish to use a gun, I think ditzler also makes an epoxy primer and Ford Blue as well.
Best of luck with the restoration. You have a very nice Mach 1 there.