Found A '91 Notch 4cyl, 5-speed How Bad Is A V8 Conversion?

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Agreed. By the time you are done swapping over everything and the price for two cars, you could have bought a V8 notch. You need to pretty much swap the entire drivetrain, brakes, suspension, harness and then you still have a car that is titled as a 4 banger when you go and try to sell it, which people will always question if it was a hack job or not.
 
Just about the only common parts between a 4 cylinder Mustang and a 5.0 is the body and upholstery. Almost everything else is either 5.0 or 4 cylinder specific. You end up buying two cars and stripping the 5.0 car for parts to put on the 4 cylinder car. Not worth the effort unless you get both cars in excellent shape for $500 a piece, and have a shop with all the tools needed for a complete tear down and rebuild.