The motor appears to be a fairly fresh 289 backed by a C4 which, if you don't mind relinquishing control over gear selection, is not a bad box. Let's not forget that in '66, a Mustang weighed only 2,800lbs. with all of the fancy stuff tacked on. A stripper like this could weigh as little as 2,500lbs., depending on how much of the body has rotted off.
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Matt, a self-proclaimed bottom-feeder of the classic car market, spends half of his time buying cars, half of his time retrieving them, and the remaining third on keeping them on the road.