It's an idea I've been kicking around ever since I found out the 4.0 was the newer version of the 2.8 in the II's. I've got a T-top stang with no motor and tranny at the moment, and I've considered the swap, but as mentioned above if a stand alone computer could be installed that would handle the tranny and engine management that may not be that bad. I don't have a 2.8 to get measurements from or even reference at the moment, nor do I have the current finances to start messing with such a project. Basically I would need the 4.0 and I got a feeling my wife would get ticked off if I took hers.
I've been very impressed with the performance of the S197 V6 Stangs I'm sure the GT's are unreal with traction control off, but the V6's already have a 50/50 weight ratio which is sweet and holds the road awesome comared to by 5.0 that gets a little squirrelly. Plus the thing has gotten 29mpg, put that powertrain in a II with as light as a II is and imagine how good it would be plus with an option of a bolt on blower and decent sounding dual exhaust.