The midget mustang was the predecessor of the Mustang II, even though they don't look much alike. As I recall, it was originally designed to be a racer. A friend almost bought one...up and running for $10k with an IO 360. The owner claimed it would do 220 mph flat out. However, if the seller claims it is 90% done, you have to assume it is 90% to go. I guess the question here is: how much is the seller asking.
RV