In reply to snailmont5oh :
Our LTD is a '75...I don't know enough about early 70's Fords to tell you it's 100% the same as your 71, but anyway, here goes. (I actually keep a spreadsheet of what we've done to the race car, because I'm an anal retentive mechanical engineer type)
Bouncy Bits: The front coil springs we cut about 1 coil off of. This lowered the front and stiffened it up a bit. For the front sway bar, we found another LTD in a junkyard and bought its bar, and doubled it up with the one already on our car, with custom fabbed brackets and bushings. Welded reinforcements on the lower suspension arms (they're open stampings). Replaced all the bushings all around, just went with regular rubber (poly can actually fail under hard use, we've found- rubber is more forgiving to our type of abuse). In the back, we got a rear sway bar off a cop LTD. The rear springs on ours are tapered, so they can't be cut. We clamped one coil each side, this made the car sit level with the front springs cut. Amazingly, this has held up for years of track use. KYB Gas-Adjust shocks all around, nothing fancy, ~$40 each.
Spinny Bits: 16" steel wheels from a Jeep (5 x 5 bolt pattern IIRC). 1.25" aluminum spacers (bolt on) for extra track. 245/50R16's all around, BFG G-force, ~300 TW.
Rear: Ford 9", 3.50 gears, limited slip
Stoppy bits: Front calipers replaced with 2 piston aluminum calipers from a ~2005 Ford Mustang GT. I fabbed a custom adaptor to fit them. Stock rotors, IIRC 11". Hawk HT-10 pads. In race use, we chew through a set of rotors and pads about every 2 races, and melt the phenolic caliper pistons at about the same rate, so we just replace rotors, pads, and calipers every 2 races. One big thing that helped us was converting the rear to discs. This was super easy and cheap, after I did the leg work: rotors from a 94-96 Impala SS, calipers from any G-body GM car (I think they're called the Metric calipers) and $13 weld-on caliper brackets from Summit Racing. Pads are Raybestos metallic, like $25 a set. Brake hoses are braided stainless all around. Stock master cylinder and booster. WilWood 600 degree DOT 4 brake fluid.
Turney bits- we de-powered the steering, which may be extreme for street use, but on a track at 100 mph, you don't notice it so much! Everything else is stock type, including the rag joint (which we really need to replace). We did replace ball joints, etc. Any wear part.
Alignment: about 2 degrees of negative camber seems pretty good up front. For street use I'd shoot for maybe -1 degree. Toe is just barely in (~1/16 to 1/8"), because there's so much slop in that setup it'll be essentially toe-neutral at speed. Make sure you have caster and that it's even side to side. As much as you can safely dial in within the constraints of the suspension.
Transmission: stock C6 with Trans-Go $30 shift kit and new fluid and seals. Amazingly, we "consume" a C6 about every other race as well. But I'm also always just getting $200 used ones from craigslist. The C6 behind 2WD Ford trucks with 351M/400 or 460's seem to be drop-in fits. Avoid Lincoln Transmissions- they had a weird driveshaft. Also avoid 4x4 or RV transmissions, different output shafts. Of course, Ford car C6 work fine, but they're getting hard to find.
Engine- 460, see build thread. We run an Edelbrock 600 CFM carb because I had it around. I'd go with a Street Demon 750 if budget weren't an issue.
Body Bits- we stripped off everything that doesn't make the car go, stop, or turn. 6 point LeMons-spec cage mounted to the frame rails. 20 gallon fuel cell- we get almost 2 hours of race time on that fuel load. Kirkey race seat, cam-lock 5 point belts.
Exhaust: stock manifolds, 2-1/4" duals and turbo mufflers with side dumps.
We relocated the starter solenoid and the electronic ignition box to the inside firewall, to keep them away from heat. Haven't had one fail yet. Definitely go for the Ford electronic ignition if yours still has points. It's an easy swap. Ford racing makes a decent plug wire set. I understand the Taurus alternators can be adapted pretty easily, to get rid of the stock 60 amp unit with the external regulator. We haven't done that yet, but plan to, as we will be going with electric fans soon. Stock clutch fan is kinda terrible- it sticks way out front and vibrates, throwing water pump belts and killing water pumps. But then, we also spin it at 5000 RPM ll the time. So maybe that has something to do with it. Radiator is a Summit aluminum job, 31" wide. IIRC is about $170. We made a custom lower radiator hose with mostly steel tube, to prevent collapse under suction.