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well 1st are you going to make it RWD?
if not the 5.3 that comes in the new GTP(if not GXP i get confused) would fit. If you wanted a different motor than that(which 305hp isnt bad at all) im sure you could find something that could make the bellhousing to fit to the auto trans.
Id probably save the money from switching the v8 in and mod the 3.8 if its S/C. Beef up the trans and do some sweet stuff to it and you probably wont regret it
Edit: by re-reading you probably are not aiming for RWD. But as i said up there^
It would most likely be cheaper to mod the 3.8. Strong motors weak trannys. beef up the trans and mod up the motor and youll have yourself a fun little car.
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Chris Sneesby
1988 Mustang LX Notch 5.0: BBK shortys, flowmaster x-pipe/american thunder exhaust, 3.55's
1984 Regal---350SBC, TH350, Edlebrock cam/intake/lifters, Holley 650 carb, 3" side exit exhaust, shift kit, autometer tach, subframe connectors,weight reduction,relocated battery etc etc
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