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Frenchy, I know a litlle bit about those engines, the 3.8sc had alot of head gasket problems when you try to mod it but the regular 3.8 and 5.0 where good.
I had an older SN95 mustang GT with the 5.0. teh motor is a 302 with around 280Hp... you can almost count on plugs wires and bad gas. I would say give it a good ol fashoned tune up. lol