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I think you are underestimating the ford live axle. what you would spend on suspension mods for irs you could spend the same amount and make it handle just as good.
Coilovers, upper control arm, lower control arms, panhard bar, lower control arm relo brackets and watts link is the only suspension mods a mustang needs. If you truly believe in IRS then you can swap it into in a live axle chassis with a cobra IRS swap.
Motor wise i own both a KA and a coyote mustang. I did a complete fresh ground up rebuild on the KA, and in the end it was honestly a waste of money and a hard lesson to learn. Only reason for it be viable is turbocharging the motor and if you do have it stock it doesn't have the powerband for drifting. The only successful drifter i have seen use a Ka was Matt Powers and he eventually went LS. I dont know what california motor swap laws are so i dont know if you can swap a coyote engine into a older mustang, but in my opinion it is the best motor ford has ever produced.
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