well, 50/50 mix is good for street cars... that are driven all year round.
your mustang is probably a decent weather car. water is actually a much better cooling liquid than antifreeze. the only reason antifreeze is used is... well.. because it doesnt freeze.
for your summer car, a 70 water / 30 coolant mix is good. use good coolant.
i think that the 5.0 takes 14.1 quarts in the entire cooling system. to be sure, check your manual. its in the back, under fluid capacities.
__________________ 1965 Mustang Coupe Project: 1965 Mustang Inline 6 (For Now) Coupe, New Floors, New Quarters | Ford 9 Inch Rear, 11" Rear Disc Brakes, 3.50:1 Gears | Control Freak Front U/L Control Arms, Global West Adj. Strut Rods | KYB Gas-A-Justs, Grab-A-Trak 620 Coils & Mid-Eye 5-Leafs | Global West Tubular Subframe Connectors | Addco 1-1/8 Front Swaybar Kit |