Calypso coral is the best mustang color of all time. The only problem is that it needs a stripe to break up the orange overload.
My 1970 is an original calypso coral car and my 1965 is an original poppy red (same color). Wouldn't even think of changing colors.
I think it would look good on the 72, but you definitely would need the stripes and blackout. FWIW, Bright Red is a little bit tamer and not as orange, but still looks kickass. In the sun, it takes on an orange hue.