this was the go-to base motor for ford p/u for a decade or so (till '08 when cyote replaced). Some frnt engine/frnt drive; some frnt engine/RWD vehicles. The 90* 6 so gets a better rap than the 60* ones.
The Windstar (posted above) bumped it to 4.2. All them (there were several Essix 3.8 - 1st gen good - yours; a gasket problem in the middle yrs; then that disappeared; last upped to 4.2 - again no problems). More tq than HP (as mentioned above "where U need it" down low - I got a fox waggy - ur model - to tow some). Lotsa stang parts fit (mechanicals).
The kids today throw ina 5.0, 5 lugs (big after mrkt support for other goodies - suapension, K member, dump the 7.5 rear, etc). Like all fox (granada, fairmont, LTD, stang) they're coming into the mrkt for today's age cohort (car memories).
More fairmonts made but lotsa trim fits yours, stang? not so much. 4 eyed pride isa site, FB hasa page. Ur car was a bit of "the last". Ol daze we had 1 model w/notch-back, liftback, fastback, sedan, coup, wagon. We had 5 motors and 3, 4 trannys to pick from. Wages matched products better so more choices in attempt to get ur $. This 1 had some of that (as above: 4, i6, bent6 & bent8 thru it's 'life'). Only the i6 hada different K member due to length.
Transitionary vehicle as carb went to FI @ that time but w/a 2 jet "CFI" (ford's throttle body). If wrks well, must B complete (some kids swipe their hand thru the engine bay rippin out stuff: "I dont want any of this pollution crap" then wonder Y it wont run right). Any serious mechanic (shad tree) can learn it. (Needs all components). If TFI equiped (see dizzy) just move it away frm that heat area and will B long lived. I'm seeking (unsuccessfuly) a "Y" and will need to make my own. They dont offer it even for the 3.8 stang LX. Not sure if I'll eventually hop up like my above description. Sure like to ol skol the 4.2 head on to give it a 20 yr up grade (MPfi) but hard to find more thana bare head (inj, engine harness, want even the OBDII, all of it in one swoop, rather than buy each individually). Gota line on 1 if still there 20 mi away. Gota jerk it myself tho. Still better than a 5.0, 8 inch or 8.8 inch install, etc, etc...