As we can see in the photographs on "Inliner Rides," Ron Robertson's '35 coupe appears to accommodate the GMC 302 (1.5 inches longer than a 216/235/261) easily--although the firewall has been modified. An Inliner from Louisiana--whose name i have been trying to recall--drives a nice, full-fendered '35 coupe with a 292.
Depending on how drastically the '35 frame has been modified for the Mustang II conversion, you should be able to find all the pieces of a 1930s Chevrolet beam axle and springs, and fit them fairly easily. The Chevrolet beam axle suspension is a quite different design from the Fords of the same era. If you want the Ford look, then you'll have to modify the front crossmember for a transverse spring and split the wishbone.
Be aware that a beam axle suspension presents a quite different set of problems--this is where we learn about "shimmy" and "bump steer." Think about how you want to drive this vehicle--how fast, how far, on what kind of roads--and plan your suspension accordingly. Looks ain't everything.
God's Peace to you.
d
Inliner #1450