What is a 2V 4bbl? It can't be both 2 barrel and 4 barrel carb. Either way, you aren't running high 12's with a stock 351C of any factory specification, with any transmission behind it.
There's another thread here recently discussing/debating gear ratios for ideal street usage, but this thread brings up another point: Going too far to try to drop engine RPM too low at cruising speeds. Modern vehicles with these six, eight and ten speed autos have engines with very advanced electronic fuel injection systems, with the ability to advance ignition timing dramatically under low load cruise, variable valve timing and other goodies that make them much better suited to low RPM cruising than most old carbureted engines. Your 351 Cleveland in stock form may not be as happy cruising at 1,500 RPM at freeway speed as something with modern advanced controls. That's not to say it can't be, but my experience with trying to get them that low has been hit or miss. This becomes more true as you up the performance level on a carbureted engine and shift the effective power band upwards, resulting in an engine that is not as happy at low RPM cruise.
In an old Mustang, I see no benefit from going with anything more than a four speed automatic, like the readily available and very good 4R70W transmission. Pick your rearend gears appropriately to work well with the gear ratios in the transmission. I'd probably go up to 3.25s with a 4R70W.