We run a 1988 Thunderbird Sport which uses the suspension they then put in the SN-95 Mustangs like you have.
We run an Upgrade to the early 2000's (the origami looking SN-95 mustangs) PBR aluminum 2 pot GT front brakes. Don't recall if the 96 V-6 has rear discs, if not upgrade to those there's only one flavor of rear disk brakes for SN-95 all years.
For pads we use Porterfield R-4E all around, get a couple races per front pad set and three or four on the back. We just use cheap bendix smooth rotors. They only go about one race, but at $25 each, better to wear those than the brake pads.
We use AmsOil Race brake fluid which we flush every race. Never had brake problems, but your front caliper piston dust covers will disintegrate but they do that on the street too. As long as the piston seal is still good no need to worry about em.
And if you do have Drums in the back, don't forget to either change the distribution valve, or replace it with an adjustable like we did.
Mistake By The Lake Racing (MBTL)
88 Thunderbird "THUNDERBIRDS ARE GO!", Ex Astris, Rubigo / Semper Fracti
A&D: 2014 Sebrings at Sebring (NSF), 2014 NJMP2 Jurassic Park (SpeedyCop), 2012 Summit Point J30 (PiNuts)
2018 Route Sucky-Suck Rally Miata, 2019 World Tour Of Texas 64 Newport