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What you mentioned about the stall speed and crusing with 3.08 gears is true if driving in high gear at 45mph. At 60 or 65 mph crusing on the highway, the car will taching higher then a slightly higher then stock stall converter (say a 2000-2400rpm stall conv). If driving at 30-45 mph, why couldn't the tranny be in 2nd gear.
That's why I avoid freeway driving at the moment It's the cruising speed that is the worry. Also, without any further tuning, the transmission will still shift into third gear early, or at least mine does.
Not sure if it was too much carb, metering plate problems or poor tuner (me) but I could not for the life of me get my 750 dp to run right (off idle stumble) so I bought a Proform main body and base with no change. Decided to try out my 600 vac sec Holley and it runs great now. Like Fox news, I report you decide.
And, just to compare performance, your V6 Mustang is making 200 hp from the factory. Your '76 Vette pumped out 180 factory horsepower. Their weights are pretty close. The Mustang also has a better gear spread. The mods on the Vette may be making a few more horses or, depending on how well it's tuned, maybe a few less than factory. I'd put my money on the Mustang.
With some tuning coaching from Lars, I'm running my HP4150 Holley 750 on my warmed over L48. This is the carb that feeds my 383. Sure, I have to run MONSTER-sized jets in it because the L48 doesn't pull as much air (and as a result, fuel) through it, but it's running low to mid 14's in the heat of summer now.
Regarding converters and rear end gears? Change those first. I'd go with at least a 3000 rpm stall and a 3.55 rear. Make the car do some of the work, not just the motor. I learned the hard way that throwing HP at the car isn't always the solution.
Case in point: my 383 ran 11.67 in GrandsportC3's car. In my 79, a best of 12.9 with a 2.0 second 60'. The difference? He had 3.70 gears, could launch at 3000 rpm and his car is 500 lbs lighter. I have 3.36 gears and an 1800 stall converter.
If you don't do a lot of highway driving, I'd go with 3.70's