I keep full coverage on all of my vehicles - but that's considerably less expensive when you're not 16. Realistically, though, if you're in the market for your "dream car", it only makes sense to protect it - especially if you're looking at a RWD V8. Your highest cost in insurance is generally the liability, anyway - so adding collision won't hurt that much.
Should you decide to stick with liability, however, I'd make sure to look into having uninsured motorist, if you don't have it already. In the event that you're in an accident that's not your fault, and the other party involved doesn't have any insurance (for whatever reason), this way you're at least covered. I've seen close friends lose out entirely in this same situation.
2014 Ford Mustang 3.7l V6 - 15,000M
2006 GMC Yukon 4.8l V8 - 170,000M
2000 Nissan Altima 2.4l I4 - 279,000M
2002 Ford Mustang 3.8l V6 - 180,000M -sold