Some suggestions for removing weight from a Mustang are; Use the hollow bar, use the lighter K-frame, Use a coupe, not a hatch, 79's have aluminum front bumpers, Use light weight thin wall stainless exhaust ( $1000, ouch! ) Have your final drive lightened, use the lightest wheels you can find ( less overall weight, less rotating mass, less unsprung weight.). There are many more smaller ones also. The later engines have smaller main journals, Use a 4 speed not a five speed . Use a car without air. No sunroof. aftermarket glass (no, not lexan) aftermarket glass is usually thinner and lighter.
Also, my car has done well even with being 150# over weight. I was planning on building a new car, but I haven't and don't know if I ever will...
Best of luck.