Faults:
AOD tranny rebuilt at about 90k.
Various hoses replaced.
A/C nonfunctional and too expensive to fix.
Worn-out weatherstripping on driver's door and tailgate.
2 window regulators now need replacing.
Driver's seat sagging badly.
Factory brake proportioning valve went haywire, and replacements aren't readily available; replacing most hardlines and installing a Wilwood adjustable prop valve did the trick.
Vacuum line for automatic parking brake release has gotten noisy, and I haven't gotten around to fixing it yet.
The goofballs at Ford left off some important handling equipment, so I got a 1" rear swaybar and Polygraphite front swaybar bushings from PST (www.p-s-t.com). Stiffer shocks help a lot, too.
Stock wheels and tires are too narrow for safety - I recommend 255/60/15 tires on 15x8 rims with 4.5" backspacing for a cheap fix, though I figure 265/50/16s or 255/50/17s would be better if you have the bucks.
Currently a mysterious electrical short, disabling windows, cruise control, and fuel gauge.
Door rust keeps getting worse, and I don't have the time and money to fix it.
NB: DO NOT take an older car to your local dealer, as they won't take your needs very seriously ("I don't see why you'd want duals on that car").
General Comments:
I bought this car because I needed something sturdy and reliable that drove comfortably, but could also haul stuff when needed. What I didn't realize was how much fun a V8 car can be! It's relatively easy to work on, and many parts are cheap and available anywhere so long as you don't mind a little custom work here and there.
The overall driving experience has always been very good. Performance-oriented drivers will definitely want to swap the rolling stock for something more robust and add a rear swaybar. A friend recommended Performance Friction pads for the front brakes, and they've been pretty satisfactory. The A/C unit is in my toolroom at present to neaten the engine bay, as is the stock air box (replace with a standard 3" inlet K&N-style conical filter). I finally have a good makeshift exhaust cobbled together from 2.25" mandrel bends and 31" glasspacks with side exits. An H-pipe will be added sometime soon, as well as the B&M shift kit I got to cure the slushy upshifts. And of course the open diff can make life really weird when driving in snow (you can get sorta stuck with the left rear wheel on dry pavement), so I'm going to be adding a Trac-Lok or Powertrax locker at some point.
Finally, the stock suspension, while sturdy, isn't quite suited for heavy hauling. This was especially noticable when towing a 12x6' trailor from Indy to Detroit. JCWhitney sells various helper coil springs, so I'll likely look into a set of those.
Overall, this '87 has proven to be a very wise purchase. A rering at 150k isn't a likely option, so hopefully I'll eventually have the opportunity to build a slightly more capable motor, perhaps a tall-deck 351W, that works with the stock EFI system. This is definitely a car I will not be parting with any time soon!
