Well first thing I would look for is a car not from your area :biggrin: You want to find a car with Little or No rust, try to find something from the south or west if possible will save you lots of work and repair unless thats something your looking to do.
The second thing would be to if your going to do Resto car find a run of mill v-6 plain jane type car rather than high optioned gt or such IMHO would be shame to if you have option to do a more rare car.
Not sure if you have experence with this type of work if so you know what to do from here. If not contact your local Mustang club and I'm sure you can get some help there also most local Junior colleges have some sort of auto shop programs. About the best help you can get you have allready found just post here, theres always someone willing to share there knowledge with you.
It depends on how much work you plan on doing. For sure, as stated above, avoid rust if at all possible. Then do research and make a plan of what you want to do to the car. If you're going to redue the entire interior then it doesnt make sense to buy a mustang that has a decent interior bc you will be paying for something that you are going to replace anyways. Same goes for the engine and other parts. If you're going to replace all that stuff then just find a rust free, straight body and then make all the upgrades you want to do. Or find some combination inbetween based on what you want to do.
My car started life as an I6 with an auto and has been evolving over the 23 years that I have owned it. The term restomod can mean a wide range of things, but generally it involves upgrading the drive line and brakes to more modern technology.
You have come to the right place. Take some time and read what others have done and are doing and you will find the path that is right for you.
Start rust free. I got my car in California. My buddy would rather work on my car than his Michigan raised 66 Shelby as every nut an bolt on my car can actually be removed without a torch.
It depends on how far you want to go in your restomodding. If you want to upgrade everything, then basically all you need is a good body. But then you need a realistic plan, money, time and a place to work on it. Otherwise you will end up with a expensive pile of parts. If you're not sure yet what to do, I would buy a nicer one, that you can upgrade when time and money allows and you can enjoy the car as you go. A (close to) stock driveable Mustang is a lot more fun than an abandoned project
You may pay for parts that you are going to take off eventually, but at least you have a choice to leave them on for the time being. Besides, you can always sell them.
John summed it up along with the others. Avoid rust. Especially structural rust in the frame and unibody areas. I like the idea of getting a junk heap and rebuilding it from the ground floor for a restomod, but that's my crazy mentality and the process takes time and much much patience. So you probably want something that runs decent, is in good overall shape and is a car you can restore in stages while enjoying the driving experience at the same time. That is a great way to go too. It all depends on your skills, car and resto expenses, and storage during all this.
Neat restomods on a decent car would be disk brake upgrades, a/c, strokers, AODS and 5 spds, neat wheels and tires and all the stuff that has been covered in recent years in the mustang mags. Good luck!