The 2.3 is like any other engine, it can be modified and tuned.
The 2.3 in my '74 Mustang II is from an '88 Mustang (finally pulled the original after 300,000+ miles and 32 years of abuse... lol) and has a Motorcraft 2100 carburetor, Purolator electric fuel pump, a camshaft from Sealed Power, an Accel Superstock coil with Superstock 8mm wires, all the smog stuff is gone (vapor canister, EGR valve, etc, only things I kept were a breather filter and PCV valve), it has a 2" exhaust with a Thrush glasspack muffler (almost every 2.3 Mustang I've ever seen had 1 3/4 or 2" pipe for the exhaust) with a side-exiting tip from a Z/28, I've got a Bluestreak points and condensor set, and a 1/2" carb spacer. Bone stock this thing put out 109hp in 1974 and had a hard time spinning the little 5" wide tires on the little 13" wheels... now she wears wider and heavier hides (Dayton Daytona ZRs that are 8" wide on 16" "Chrome Pony" wheels) and can leave rubber in first and on a good day manage a chirp in 2nd.
http://www.allfordmustangs.com/forum...93&d=115328668 <-- There's what it all looked like when finished... I'm having a heck of a time getting the electric fuel pump and carburetor to cooperate (ran fine when using a mechanical pump on the '74 shortblock, but the '88 shortblock couldn't run one, and the electric pump and the carburetor don't get along very well, even after a fuel pressure regulator and a return line to bleed off excess fuel.
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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".)