Brace the chassis and upgrade the bushings first, then note how the car behaves, Understeer? Oversteer? then modify things as needed.
The place to start is probably the rear, using a good set of leaf springs, but use a soft setup and then pair with adjustable shocks to tune it.
If you have understeer then start by installing a larger sway bar.
The hard part will be to find suitable parts, check the Mustang II sites.
Quote:
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"SSM Lift bars are a simple installation. The lift bars replace the shock mounts, rear sway bar mounts, and lower plate under the springs."
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Thats from
www.mustangii.net