I'd advise agains it. First, a V6 Mustang has more power than an '84 Corvette.
Next, the driveshaft, differential and rear end were designed for a V6. You'll quickly find what wasn't designed for a V-8 as so as (if) you get it running. Next, a set of sticky tires (Toyo TSI are GREAT in the rain, Michelin Pilot Sport 2, Michelin Exalto 2 are good choices. Do NOT get "all season versions, they have less grip wet and dry and than summer tires.)
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