I put in a new 180 degree thermostat and the temp now holds steady on the O in NORMAL. The old one must have been a 195...before sticking open and becoming a zero.
Expenses since taking possession of the car in January of '14:
Terribly installed urethane A-arm bushings- $400 (yeah, WAYY over priced on that one.)
Fuel pump and hanger assembly- $300
New distributor with cap, rotor and TFI module- $80
KYB GR-2 Struts- $180
FSB bushings and endlinks- $25
Ignition switch- $38
6 feet of fuel line (for vacuum hoses)- $18
Throttle position sensor- $38
Both coolant temperature sensors- $26 for one $11 for the other = $37
Replacement right rear caliper- $31
Thermostat with gasket- $12
Extra MAP sensor and IAC valve (came with a bunch of crap from the junkyard, 1/2 price wedesday)- $5
Passenger side window motor(robbed from blue Mark VII)- $0
So, not counting my labor that's $1,164 total, unless I've forgotten something.
Known issues:
Driver's side window motor/track
The tach still reads >6,000 rpm all of the time.
The transmission is short one forward gear.
Spots and small patches of rust, mostly on the trunk lid.
So... anybody interested at $1,000?
It would be a decent start for an entry in the Aristocrat class... 
I really wish I could justify this, as I love it.
Unfortunately, I need a 30+ MpG wagon or trucklet right now.
That car looks like a steal at $1000. Have you tried listing it on any of the Mustang forums? Somebody there has got to want a car like this.
In reply to Woody:
Haven't tried that yet. Sounds like a plan.
I also believe it's a steal at $1,000. I was thinking about the price earlier and I honestly would pay $1,500 for it without hesitation and I'm an insufferable tightwad! 
It just doesn't fulfill a need and, as you can probably tell from all of my waffling, I'm not quite sure what to do with it.
I was very ready to rid myself of it when I couldn't quite figure out the idling/part throttle running issue but that was the rage over a persistent problem and inconsistent/insufficient wrenching time. Now I'm mostly content to drive the kids to school in it once in a while or take it to work on Saturdays, though I could use some cash to throw at the Crown Vic and the wife's Outback. If it doesn't sell I'll just keep replenishing the car repair fund for those two and taking the Lincoln for the occasional cruise.
The car finally sold. Made a decent profit to boot.
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