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The original 289 engine has performed well over its lifetime but it has developed a loud ticking sound and is due for a major rebuild.
289
The 289 is wedged between the two shock towers, with limited space for working on it or adding enhancements such as headers.

I intend to replace the 289 with a 5.0 HO engine pulled from a wrecked 1993 Mustang Cobra, hence the "Cobra" name for this project.
Mustang Cobra Engine
One of the many benefits of this newer engine is its computer-controlled electronic fuel injection (EFI). The engine accessories (air conditioning compressor, power steering pump, alternator, etc) have also improved over the years since the Falcon was made.

The 1993 Mustang engine wiring harness will be adapted for use in the Falcon along with the proper Ford EEC-IV computer.