Hello Matt and welcome,
I'm a huge fan of seeing people enter the Classic Mustang hobby. Your idea sounds like a good one,As you have stated Rust is a big,I mean huge factor in these early cars.I feel alot of the magazines tend to under play it.But believe me if you don't do your own metal work it will very easily be the most expensive aspect of an old Mustang.That said I can and would definately help steer you in the right direction. First since you're not looking to do a resto,they say you should always buy the best car you can afford(I do the complete opposite,because I'm cheap and I have a soft spot for junk).So take a good hard look at the maximum level of your budget. But you should make sure you leave yourself a little cushion that way the day after you buy your "New car" When it doesn't start,etc.LOL, you have a little extra money to fix it. That said onto your question.
You should pick a specific year and style that you are looking for(I know of a few cars for sale).Unfortunately the fact that it has to be a v8 and your budget is pretty much going to limit you to a coupe,there is nothing wrong with them,I own several and I love them all. I'll give you some pointers regarding parts availability the cheapest ones to own and maintain are going to be the 65-68's ,69-70's have way more parts available than they used to,but the prices are still up a bit and sad to say it but the 71-73's have the most limited supply of new parts so some stuff is hard to find and can be expensive.
As far as where to look? I'll give you some of my favorites: Websites/forums Such as this one,Word of mouth(Talking to people like me) is a good one, and my next two favorites Craigslist and ebay.I scour these two daily,(I love the internet) . I'm not in the market for an old Mustang right now but I honestly have 30-40 Mustangs in my watch list and I'm bidding on three(on ebay). You don't have to buy one off of ebay,alot of people are scared of doing this.But Ebay is a free tool you should use.Look at cars that interest you,throw them in your watch list see where they go? This will help you be informed.I feel car shows and Cruise nights are tough places to look because the cars for sale at these,usually carry what I call a "Car Show premium".
Here's my desperate attempt to get some life into the classic section.You should post a thread in there with specifics that you are looking for ,as well as asking what's it worth type questions related to cars you're looking at,and any Questions you may have regarding Classic Mustangs at all.I will do my best to assist any way I can.
See you in the Classic section.
....Have you tried Hemmings?
