Has anyone considered the Ford 2.3L EcoBoost 4 cylinder that is now available in the 2015 Mustang?
With 310HP / 320 lbft of torque, its as powerful as a stock cast iron Ford 302 push rod motor or Ford 4.6L modular motor.
The 2.3L EcoBoost propels a hefty 2015 Mustang down the 1/4 mile in the 13s. With a tune, it will do it in the 12s. See this -> Livernois Motorsports video
With just the Livernois Motorsports ECM tuner (no other modifications), they add another 100HP and 109 ftlbs! Those performance numbers are roughly in line with a stock Ford 5.0 coyote.
Swapping to the Ford 2.3L EcoBoost would take quite a bit of weight off the front. That would reduce total vehicle weight closer to the 1 ton mark, improve front/rear weight distribution, and reduce the need for power steering.
Heck, the '33 might even become a canyon carver!