Nickelass, first I will say that you are extremely lucky to have got your hands on a Mustang, and a red one at that. Me, my mom and other members of the family really love the look of this car but we know we'll never get to own one or even drive one.
As for your projects to replace some of the original items on this car, all I can say is that a responsable owner will recognize it's symbolic worth and will drive it carefully whilst tending to maintenance every weekend (paintwork, bodywork, cleaning the engine out, oil, etc.). It isn't meant to be a casual car and never was.
That said, you're the owner and you do what you want and I would address any security issues. Don't forget that today's cars are crash tested and the front and back ends of most cars are designed to collapse in a violent collision. This car wasn't designed that way and will either roll like a barrel, go flying or make a spectacular crunch. Take care on the road mate because there are some really crazy b*st*rds out there who couldn't care less for human lives when they're speeding.