Yup, you should idle around 700 rpm.

Changing the idle
might make it a little deeper, but you could also choke out your engine if you set it too low (and try to stomp on it). And really, how often are you sitting at idle?
If you're thinking about like car shows or at a red light... there may be other ways of achieving the sound you're after -- do you want louder or deeper or both? Is it true you have an aftermarket exhaust of true duals? If so, you should sound pretty good already

But an H-pipe would probably give you a "lower rumble" than the true duals do.
Also, what year is your Mustang?
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