So the mustang is already a giant albatros hanging around my neck and stinking - because the body is in such bad shape that it will cost me oodles of money to fix it up, but I'm trapped because I already spent oodles on it in the engine, fuel system and other mechanical components (not realizing the bad shape of the body).  (I still haven't gotten estimates from body shops - but I imagne I'll have a coronary and be depressed for a month after I do).

So anyway - to cheer myself up, and make myself feel like at least I'm making some tiny progress with it, I decided to replace the original fuel pump with a new replacement (that I got from Summit, or Jegs - don't recall which one).  The old pump still works, but because gunk (from the old fuel tank lining) got into the system, I figured it couldn't hurt to replace it - and it might help fix the rough idle that the car still has.

So, I spend a lot of time disconnecting the fuel lines and taking out the old fuel pump, and then I put the new one on.  It ended up taking quite a while, and being pretty tricky - both because it was hard to get in place (I guess maybe the crank wasn't lined up ideally or something - so it was quite a hassle) and because the ports on the new fuel pump didn't fit as well with the placement of the oil filter (thanks, aftermarket part .  Then I reconnect the fuel lines - put new hose clamps on, and fire it up.

Fuel everywhere!!  Gasoline is running out of that thing like there was an open hose or something!!  The engine was running fine, but gas was streaming ou under the car.  So I spend about an hour checking everything - and taking all the fuel lines off and putting them back on, and re-tigheting everything.  It's STILL leaking.

So I try to tighten the bolt on the bottom of the fuel pump - just to make sure everything really is tight (and I'm using a torque wrench, to make sure I don't tighten it too much) - and the bolt promptly SHEARS off, and the entire bottom of the fueld pump comes off.     Because the rest of the bolt is still in the thread, I cannot reassemble it - even if I had the correct bolt.

So I guess tomorrow -  I'll put the old original fuel pump BACK on the car, which I'm sure will take quite a while (given my luck).  Hopefully it'll still work and the gasket will still be good.


Damn - I'm really starting to hate this damn car. Instead of being a fun toy - it's turning into something that is becoming far more expensive than I ever planned, imagined or can even afford - and it's been NO fun at all, just a huge depressing pain in the ass.  And the worst thing is that in preparing to restore it, I've torn out all the interior, and stripped/ground off all the paint - so the car looks like it was just towed out of a junkyard - so despite the many thousands of dollars I've put into it, I probably couldn't give it away.     If I could sell it right now for what I paid for it, I would - and just kiss the thousands that I put into it goodbye - but right now, there's no way I coudl even get that out of it.

Quoted: Damn - I'm really starting to hate this damn car. Instead of being a fun toy - it's turning into something that is becoming far more expensive than I ever planned, imagined or can even afford - and it's been NO fun at all, just a huge depressing pain in the ass.  And the worst thing is that in preparing to restore it, I've torn out all the interior, and stripped/ground off all the paint - so the car looks like it was just towed out of a junkyard - so despite the many thousands of dollars I've put into it, I probably couldn't give it away.     If I could sell it right now for what I paid for it, I would - and just kiss the thousands that I put into it goodbye - but right now, there's no way I coudl even get that out of it.

welcome to the wonderful world of car restoration.   now might bew a good timeto go inside and drink beer for a while

Should have got an electric pump.

What kinda Mustang is it ?

drink heavily, cuss loudly, kick shit on occasion...................

always works for me

Quoted: You've been watching WAY too much reality TV/car restoration shows.  In real life, it takes lots of time, money, and work to get cars fixed up.  All the things you've experienced are normal, and perhaps you understand why half the US drives Japanese cars now.

Shut up SHUT UP SHUT UP!!    


Yeah - where's the phone number for that "Pimp my ride show?"  

Actually, I've never seen any of those shows.  I just got totally RIPPED OFF when I bought this car.  Granted it's my own (caveat emptor) fault, because I mistakenly trusted the guy and believed him when he told me the body was really solid, and the car just needed a tune-up.

Turns out the engine and fuel system needed about 4 grand of work, and the body is so shot that the one body shop I talked to about it said "don't bother" instead of giving me an estimate.

Had I known the shape the car was actually in, I woudl NEVER have bought it - because I'm not relaly interested in "restoration" or "collecting" - I just wanted something fun to drive around in on the weekends.



I know - I'm an idiot!  That's what's so depressing!  

Quoted: What kinda Mustang is it ?

73 Mach 1 (last gasp of the cool mustangs ) - with a 351 cleveland.

Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers.

It's worth a try.

Quoted: Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers. It's worth a try.

Someone suggested this to me a while ago - I think SorryOccifer - but I was never able to figure out what kind of "trade school" it was that I needed to get hold of.  I know I sound like a total idiot when I say this - but how are they listed in the phone book?  I remember trying to find some, and just came up empty.


A solution like that would be awesome - since at this point, I'd be HAPPY to let a trade school play with it for as long as they want - and just get it back months later, and I don't really care what they do to it, as long as it works and looks "good enough for government work" when they are done.

You are shitting me! A crackerjack ed-u-cator like you doesn't know how to find a trade school?  Maybe contact a highschool guidance counsler.

Damn, and here I was thinking about getting an old Corvette or Mustang and doing it up...

Nothing out of the ordinary here.  S always HTF when doing car work.

73 Mach with a Cleveland?  Hmmmmmm.  That would go nicely with my 70 Mach with a Cleveland.  

So how bad is it REALLY?  And how much you askin'?  Ya never know..... (but I ain't makin' no promises)


Woody

Quoted: Quoted: Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers. It's worth a try. Someone suggested this to me a while ago - I think SorryOccifer - but I was never able to figure out what kind of "trade school" it was that I needed to get hold of.  I know I sound like a total idiot when I say this - but how are they listed in the phone book?  I remember trying to find some, and just came up empty. A solution like that would be awesome - since at this point, I'd be HAPPY to let a trade school play with it for as long as they want - and just get it back months later, and I don't really care what they do to it, as long as it works and looks "good enough for government work" when they are done.

Claus,

I am truly sorry to read of your troubles with this car. I have been there.

There are no easy answers and both possibilities (keep it or cut your losses) will be tinged with much regret and loss.

A "trade school" is a vocational high school that teaches HS kids to become mechanics, hairdressers, body work specialists, etc. I wish you good luck with that route. Perhaps they are a bit more open-minded in MO than around MA, where in the 1980s I called up the shop teacher at the local trade HS in western MA about doing some fender work on my old car. He yelled "we don't do rust work" and promptly hung up on me.

I loved my old car, had it for years, but I got married and got a house and three kids, so, with no outside money coming in for car stuff (which takes up LOTS of time) I let the old 1964 Dodge 440 go, back in 1994, for a few hundred, even with all the time, money and body/mech work put into it by me and others. I regretted selling it, but when I quit my job to stay home and raise the kids, there was now even less $$ and time for that.

I remember changing a clutch in it, when my firstborn was in a car seat inside the car. he dropped his baby bottle, it rolled under the car, I grabbed it, got out from under the car with the bottle, was just about to hand it back to him when I realized I had asbestos clutch disc lining and grease all over the baby bottle.....

It was then a matter of time before I had to get rid of it. With a bigger place, and a bigger garage, I could have put it up on blocks and got to it in about ten years, but it would have been one more thing to deal with and spend money on. Yet I must say, I did enjoy working on it, fixing it when things broke, and my wife and I enjoyed prowling junkyards trying to find parts for it, when we first got married.

We fall in love with these steel shapes, and they sometimes demand just as much committment as a marriage and family.

Try calling someone like IVY tech, colleges, etc.. One local High school used to offer a body shop class, but that has been abandoned at the moment.

There is also lots of other places that specialize in restoring mustangs, though pricey, will do you proud!
HTH.

Mark

Quoted: Quoted: What kinda Mustang is it ? 73 Mach 1 (last gasp of the cool mustangs ) - with a 351 cleveland.

Its worth it.  Take the time and money needed to save it.

FORD Found On Road Deserted

Quoted: 73 Mach with a Cleveland?  Hmmmmmm.  That would go nicely with my 70 Mach with a Cleveland.   So how bad is it REALLY?  And how much you askin'?  Ya never know..... (but I ain't makin' no promises)

Haha - I'm not sure I would sell this to anyone I would consider a friend.  


Like I said, the problem now is that it looks like shit - because by stripping off all the paint (and putty) I've exposed the crappy condition of the body.

Here's what it looked like when I got it:


And here's what it looks like now, about $ 4000 later - with a LOT of work (including significant amounts of welding, new fenders, etc, needed) still remaining.


If I get estimates to fix the body that are above $5000, then I may just try to sell it for whatever I can get - and learn a VERY expensive lesson.  But I'll wait until after I get some real estimates from body shops.

i had 65',,loved it bought a 91,,,loved it,, th 65 was a money pit!`.... no way round it,,,, it was fun tho,,so as the 91...,,but al good  things come to an end(i got married)...soooo what can you do,,

Quoted: FORD Found On Road Deserted

NOT TRUE !!


... because mine won't even MAKE IT to the road right now.  

Quoted: Claus, I am truly sorry to read of your troubles with this car. I have been there. There are no easy answers and both possibilities (keep it or cut your losses) will be tinged with much regret and loss. A "trade school" is a vocational high school that teaches HS kids to become mechanics, hairdressers, body work specialists, etc. I wish you good luck with that route. Perhaps they are a bit more open-minded in MO than around MA, where in the 1980s I called up the shop teacher at the local trade HS in western MA about doing some fender work on my old car. He yelled "we don't do rust work" and promptly hung up on me. I loved my old car, had it for years, but I got married and got a house and three kids, so, with no outside money coming in for car stuff (which takes up LOTS of time) I let the old 1964 Dodge 440 go, back in 1994, for a few hundred, even with all the time, money and body/mech work put into it by me and others. I regretted selling it, but when I quit my job to stay home and raise the kids, there was now even less $$ and time for that. I remember changing a clutch in it, when my firstborn was in a car seat inside the car. he dropped his baby bottle, it rolled under the car, I grabbed it, got out from under the car with the bottle, was just about to hand it back to him when I realized I had asbestos clutch disc lining and grease all over the baby bottle..... It was then a matter of time before I had to get rid of it. With a bigger place, and a bigger garage, I could have put it up on blocks and got to it in about ten years, but it would have been one more thing to deal with and spend money on. Yet I must say, I did enjoy working on it, fixing it when things broke, and my wife and I enjoyed prowling junkyards trying to find parts for it, when we first got married. We fall in love with these steel shapes, and they sometimes demand just as much committment as a marriage and family.

Thanks -

I like the idea of talking to some local high schools, or trying to find some of those places in the yellow pages.  I defnitely need to do something, because I clearly cannot fix this myself (espcially the welding and frame work) and I don't think I'll be able to spend the money to have pros do it.

Keep Ranting and Raving, Dutch.


It won't change a whole lot, but it'll get some of it out of your system!

Quoted: Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers. It's worth a try.

Quoted: Quoted: Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers. It's worth a try. that won't work I do body and paint trust me all youll end up is with is a bondo buggy! seriously.

well damn!  

Quoted: Oh just spend the money you were planning on using for that SBR.

I fear that would just be a tiny drop in the bucket - maybe it would get me one new unpainted fender or something!    

I have done 2 complete body off restorations and quite a few partial restorations.

My advise to anyone that wants to have an antique or classic car is...

Do you have the money, time, and know how to complete the project?  If the answer is yes, then have at it!

If the answer is no, go buy a Hemmings and find a car for sale that is already finished.  Pay through the ass for it.  You will be money ahead.  There will still be little things that you can do to fix up your new ride.

And the best advise is to take an experienced person with you to look at any car that you want to buy.  Even if you have to pay someone, it will be the best thing you can do.

Best of luck DK-Prof.  You will have a great car if you can only get it going again.

Quoted: I learned long ago when deciding whether or not to buy an old car, to completely ignore it's mechanical condition, and THOUROUGHLY exam the body. Six thoudans or so will cover a fairly decent restoration of everything but the body, six grand barely covers a nice paint job if the body is perfect otherwise. Plus a good paint job is going to require you to tear the car down anyway, so putting in a new motor tranny, and new interior are not going to take much extra work. I have seen dozens of old cars that guys have bought because they "ran" real good, they dumped a ton of money into them to keep them running, then they decide they want a new paint job, and find out how much it is going to cost to put the body right (normally they are figuring a few hundred will cover it, HA). Of course they then decide to sell it.

That is EXACTLY the foolishness that I engaged in - except it didn't really even "run" that good when I bought it.

Quoted: Should have got an electric pump.

My thoughts exactly...

Careful man.  Careful.  That's all I'm sayin'

If it makes you feel any better, see my baby, right over......
<----- there?

I bought it and drove it 350+ miles home.  First thing I did when I got it home was put it up on jack stands and start replacing stuff.  New sway bar brackets up front.  New spindles for disc brakes up front.  New tie rod ends.  Control arm.  Bushings.  Disc brakes front and rear (had drums) which, of course, required a new master cylinder and proportioning valve.  Braided brake lines front and rear.  New rear leaf springs.  New shocks on all 4 corners.  Complete replacement of brake fluid to DOT 5+.  New rear axle bearings.  Differential fluid change.  New plug wires.  New front springs.  New upper spring rubbers.

Parts sitting on my workbench to be installed:  New 4bbl Demon carb, Unilite conversion for the distributor, Mallory ignition box (with limiter), Mallory coil, 7 blade fan, stack plate oil cooler, Powertrax locking differential, 3.70 gearset, brake light activation switch, turn signal cam, Flaming River steering box, more new bushings.

But I love my car.  I still need to do some body part adjustments (doors and hood) to correct some misalignment as well.  I plan on getting it torn down tomorrow or Monday to get moving on some of this.  

Woody

Quoted: If it makes you feel any better, see my baby, right over...... <----- there? I bought it and drove it 350+ miles home.  First thing I did when I got it home was put it up on jack stands and start replacing stuff.  New sway bar brackets up front.  New spindles for disc brakes up front.  New tie rod ends.  Control arm.  Bushings.  Disc brakes front and rear (had drums) which, of course, required a new master cylinder and proportioning valve.  Braided brake lines front and rear.  New rear leaf springs.  New shocks on all 4 corners.  Complete replacement of brake fluid to DOT 5+.  New rear axle bearings.  Differential fluid change.  New plug wires.  New front springs.  New upper spring rubbers. Parts sitting on my workbench to be installed:  New 4bbl Demon carb, Unilite conversion for the distributor, Mallory ignition box (with limiter), Mallory coil, 7 blade fan, stack plate oil cooler, Powertrax locking differential, 3.70 gearset, brake light activation switch, turn signal cam, Flaming River steering box, more new bushings. But I love my car.  I still need to do some body part adjustments (doors and hood) to correct some misalignment as well.  I plan on getting it torn down tomorrow or Monday to get moving on some of this.   Woody

That IS a beautiful car!  It also sounds like you know what you're doing, and you enjoy working on it.


I, on the other hand, neither know what I am doing, or enjoy doing it. You might remember my two previous Mustang-related threads.  

The first was the one where I was trying to figure out how to replace the intake manifold and carburetor (with much advice from ar15.com) - and I accidentally left rags inside the engine and didn't realize it until I was done putting it back together

The other thread was the one where I couldn't stop it!  The engine was running - even after turning the ignition off, and pulling the key.  It really WAS like Christine for a few minutes!  

Quoted: If the answer is no, go buy a Hemmings and find a car for sale that is already finished.  Pay through the ass for it.  You will be money ahead.  There will still be little things that you can do to fix up your new ride.

Exactly...unless you come across a restorable car that is rare and cheap, it is almost always better to buy a car that is already done. It isn't very hard to drop 25k on a car in a restoration, and wind up with a car that is worth half that or less. If you have 10 to 15k to spend on a done car you can get a lot of car for your money...save the restorations for the pros or the, ahem, let's just say those who don't care about keeping their hard earned money.

Quoted: Quoted: Just an idea here that you might consider. Go to a trade school and ask if maybe an advanced auto body class would take on your body work for a donation. Win-win situation. They get something classy to work on and you get a motivated (grade) bunch of workers. It's worth a try. Someone suggested this to me a while ago - I think SorryOccifer - but I was never able to figure out what kind of "trade school" it was that I needed to get hold of.  I know I sound like a total idiot when I say this - but how are they listed in the phone book?  I remember trying to find some, and just came up empty. A solution like that would be awesome - since at this point, I'd be HAPPY to let a trade school play with it for as long as they want - and just get it back months later, and I don't really care what they do to it, as long as it works and looks "good enough for government work" when they are done.

*cough* Hello High School Auto Shop Teacher . I would gladly donate xxx dollars in tools and materials to your class in exchange for th body of this car being used as a hands on training aid in your class room .*cough*

Quoted: Quoted: 73 Mach with a Cleveland?  Hmmmmmm.  That would go nicely with my 70 Mach with a Cleveland.   So how bad is it REALLY?  And how much you askin'?  Ya never know..... (but I ain't makin' no promises) Haha - I'm not sure I would sell this to anyone I would consider a friend.   Like I said, the problem now is that it looks like shit - because by stripping off all the paint (and putty) I've exposed the crappy condition of the body. Here's what it looked like when I got it: www.olin.wustl.edu/faculty/langfred/mustang73.jpg And here's what it looks like now, about $ 4000 later - with a LOT of work (including significant amounts of welding, new fenders, etc, needed) still remaining. If I get estimates to fix the body that are above $5000, then I may just try to sell it for whatever I can get - and learn a VERY expensive lesson.  But I'll wait until after I get some real estimates from body shops.

I dunno- this doesn't look as bad as you pictured in your first post- at least you got the fenders done and put back on. I think it might be worth hanging on to. 73 Ford Mach I w/ a 351 Cleveland? Hmmmm....that's one bad sucka car, bro. If the framelets are in nice shape, and most of the rust was in the quarter panels and in the bottom of the front fenders, I think this might be worthwhile. Just take your time.....think this one out- have a body shop check it out. Is it driveable again?

Any chance you can find a different body to drop the engine into?  You've already dropped a fair amount of cash into the engine, right?

Quoted: I learned long ago when deciding whether or not to buy an old car, to completely ignore it's mechanical condition, and THOUROUGHLY exam the body. Six thoudans or so will cover a fairly decent restoration of everything but the body, six grand barely covers a nice paint job if the body is perfect otherwise. Plus a good paint job is going to require you to tear the car down anyway, so putting in a new motor tranny, and new interior are not going to take much extra work. I have seen dozens of old cars that guys have bought because they "ran" real good, they dumped a ton of money into them to keep them running, then they decide they want a new paint job, and find out how much it is going to cost to put the body right (normally they are figuring a few hundred will cover it, HA). Of course they then decide to sell it.

Amen! Two things I learned about old cars and buying them:

1) Bring along a BIG magnet to find what is bondo and what is not...

2) have at least $10,000 in the bank ready and set aside for restoration, on top of the purchase price.

ETA: after reading WWoodworth and others' comments, perhaps 10 K's a tad.....conservative.....

Quoted: I dunno- this doesn't look as bad as you pictured in your first post- at least you got the fenders done and put back on. I think it might be worth hanging on to. 73 Ford Mach I w/ a 351 Cleveland? Hmmmm....that's one bad sucka car, bro. If the framelets are in nice shape, and most of the rust was in the quarter panels and in the bottom of the front fenders, I think this might be worthwhile. Just take your time.....think this one out- have a body shop check it out. Is it driveable again?

Actually - the fenders aren't done.  The driver's side probably needs to be replaced, but the passenger's side is definitely salvageable.  I just put them back on so that I can drive it to the body shops without being pulled over.

Part of what you cannot see in this picture is that the inside of the wheelwell in the passenger's side quarter panel is gone.  Both floorpans are gone - and there's sheet metal in there that's also rusting out on both sides.  Plus - worst of all, it was whanged in the back, so it's misaligned in the back and will need to be straightened - and the rear panel (where the lights are mounted) is cracked and rusted, and will have to be replaced.  (I've got the new rear panel and floorboards already - back when I was delusional and thought I would do the welding myself ).

So there's a LOT of body work - in addition to a number of spots on the quarter panels that are really uneven - or have rusted (around the wheels) or have been previously welded.


But - you're absoultey right.  If it's possible to get it done without completely breaking the bank, I definitely want to keep it.

I was actualyl supposed to get an estimate (for a body guy I actually trust) this week, but he got really busy so we put it off for another week or two.  I'm also going to go up to a place on the other side of town - that specialized in classic mustangs - and get a quote from them.  That way I'll know the "upper limit" since they can give me a quote for a complete restoration, in addition to the body work.

We'll see - if I can get a reasonable body and paint job for money I can afford, I'll definitely keep it.


I DO love the early 70s Mach 1's

Once I shove the old fule pump back in, it'll definitely drive.  It needs to warm up for a little bit so it doesn't stall in idle, but after that it runs fine.  

Quoted: Any chance you can find a different body to drop the engine into?  You've already dropped a fair amount of cash into the engine, right?

That was actually what the one body guy I've already spoken to suggested (so it's good advice) - but it's not just the engine where I put money into it, but suspension & ball joints, new fuel tank, etc.

Also, my impression that most bodies out there ALSO have problems, so I'm not sure how much I'd be gaining.  And, I don't want ANOTHER Mach 1 standing around in my driveway/garage.  But yeah, if there was some easy solution like that - like a perfect body dropped in my lap, and the systems coudl be switched over relatively easily, then that would be a great solution.  

I think a body up on cinderblocks in your front yard garnished by a flock of pink flamingos would look rather nice...

Quoted: Quoted: Any chance you can find a different body to drop the engine into?  You've already dropped a fair amount of cash into the engine, right? That was actually what the one body guy I've already spoken to suggested (so it's good advice) - but it's not just the engine where I put money into it, but suspension & ball joints, new fuel tank, etc. Also, my impression that most bodies out there ALSO have problems, so I'm not sure how much I'd be gaining.  And, I don't want ANOTHER Mach 1 standing around in my driveway/garage.  But yeah, if there was some easy solution like that - like a perfect body dropped in my lap, and the systems coudl be switched over relatively easily, then that would be a great solution.

Quoted: I think a body up on cinderblocks in your front yard garnished by a flock of pink flamingos would look rather nice...

Don't think I have't thought about it!

Last month, there were two houses for sale in my subdivision (this is in a really nice suburb), so I thought about parking the mustang in the front lawn (at the time it didn't have the fenders, hood or trunk on, or lights).  After a week, I figured I could go over there and ask them how much it was worth it to them, for me to put it back in the garage.  

However, I'm not familiar with the EXACT laws on extortion, so I decided not to try

I will have to second the idea of an electric pump..... I restore vintage militray vehicles, and if the vehicle I am doing will see alot of use as a daily driver, it gets an electric pump. More reliable, cheaper, and easier.

If I am going 100% purist then its back to the regular mechanical. But otherwise electric rules.

Quoted: I will have to second the idea of an electric pump..... I restore vintage militray vehicles, and if the vehicle I am doing will see alot of use as a daily driver, it gets an electric pump. More reliable, cheaper, and easier. If I am going 100% purist then its back to the regular mechanical. But otherwise electric rules.

I don't give half a rat's ass about being original or purist - maybe electrical is the way to go?


I have to admit that I really do know NOTHING about cars.  So you can put an electric fuel pump in, and it's connected to the regular electical system (like the battery directly, or I need to find wires of a certain voltage/current or something complicated like that?)

Do electric pumps fit on the same place?  





Yes - I really am this ignorant  

Okay, now this thread is getting REEEEALY funny....

(sorry)

Quoted: I have to admit that I really do know NOTHING about cars.   Yes - I really am this ignorant

Take it from someone who did "one step short" of an "off the rails" project car that started when I was 16:
Don't stop no matter how frustrated you get.  
It's hard to do, but in the end it will be worth it.

A bit of advice: From now on whenever you do any work to the car replace all of the hardware - nuts, bolts, washers, clips, whatever with new stuff.

Another bit of advice (been there, done that) is to work one thing at a time.
If you were asking me for advice when you first got started I would have told you to pick interior, exterior, engine or suspension and work that first.

As far as your aftermarket fuel pump goes, you need to find out why it is leaking.

Good luck!!

Depending on the type of electric fuel pump you get is where you are going to mount it.
If it's an in the tank pump, well....

If it's a pusher type then you want to mount it close to the gas tank.
If it's a sucker type you want to put it near the carb.

You will have to plumb a return line.

You electric connection will have to be on a circut that is energized when the ignition is on, you can tap into an accessory for the power on and a hot lead off of the battery.
Or just follow the directions.

You will also need a blank-off plate for the mechanial fuel pump.
Should be included in the kit.

Quoted: I have to admit that I really do know NOTHING about cars.  So you can put an electric fuel pump in, and it's connected to the regular electical system (like the battery directly, or I need to find wires of a certain voltage/current or something complicated like that?) Do electric pumps fit on the same place?   Yes - I really am this ignorant

Dk you could be a lot worse off,  You could be trying to restore a corvair.

Those things atract rust just sitting in the sun. My dad restored a 66 monza convertable like this one.

.  Those critters are notorious for being nightmares to restore. It took him a few years and a lot of sweat and profainity.  but he had a nice ride when it was all said and done.

Just take a deep breath and dont work on that stang of yours again until your ready.  
If restoring old cars were easy everyone would be doing it.