Thanks everyone for the quick replies.
I guess I should have been more specific with the reason why it's unrepairable. Where the flange is on the front side of the muffler, it's nothing more than a collaborration of rust. It appears as if there is a vent hole on the bottom front to let condensation out I'm guessing, and from there it has spread throughout the entire flange and up to the joint of the intermediate pipe.
I called my father's friend who owns a muffler shop and was quoted $200 for a new muffler and tailpipe (installed). Everywhere else I called was around the same price. Being someone who does all my own work on my cars, and knowing the Mustang aftermarket very well, I decided this was too much for just a muffler and tailpipe and figured there would be something on the market available to me.
The car is nothing more than a $300 daily driver (I got a steal on it), and I'm trying to put as little money into it as possible. I have no desire or need for dual exhaust or more power. If I get that notion, I'll just take my Cobra for a spin. I just figured with the size of the aftermarket, there would be more options than just dual exhaust, but I guess the market isn't big enough.
I was able to source all the parts online after an exhaustive (pun intended) search, and found all 3 parts for just under $80. I'll have to weld them up, but I have that skill and the tools, so it's not a problem. Once again, thanks to all who replied.
BTW, I stopped by the local dealer today just to check there prices and the catback replacement through Ford is $899.99
I then asked them about any FRPP options, and they're available for under $400, of course only in dual exhaust.