If I were doing one for my own amusement, I'd put about an '86 3.8L V6 in it with the T5 transmission and steal all the electronics from an '86 Mustang/Cougar/Thunderbird.
There were no V-6 engines in Mustangs in 1967. They did have an inline 6 as the standard engine, 200 cubic inches. If you go with an engine that is a lot newer, the engine controls can get really complicated and it won't be easy to work on.
The 67 had a straight 6 but I am a big fan of the 302 .
My 68 Cougar had the 302 and I sold it running well with 298k
My 72 Torino had a 302 , sold it running well with 350k
My current F-250 has a 302 with 403k and though she's getting tired , still runs pretty damn well .
Edit : If you want " easy to work on " take advantage of the cars age and go with a simple , carbureted engine . All the God Damned probes , sensors and computer shyt are just a pain in the @ss .
I'd vote for the 302 .
Installing a newer mustang engine will cost you thousands by the time you buy the engine and wiring harness and PCM, High pressure fuel system ect. Since you said you are not that knowledgeable on cars you will probably have to hire out most of the work. You can buy a new crate engine that will use a carburetor.
Ford 302 crate engine would be fine.
302 is the way to go, for simplicity and resale value. Swapping in a new V6 could cost $20,000 by the time you get it running. If you could get a used carbureted 5.0 out of a Mustang complete with transmission you will be set.
For starters I'm not overly educated in engines so use kid gloves with answers.
I'm looking to put a new engine in my '67 Mustang. I would like to put a V6 in, but am not sure if I should go with a newer 6 (like in the '13-'15 model mustangs) or with an older version (like the original V6s). I'm not real concerned with retaining the authentic look/style. I simply would like a fairly strong-no where near an 8-motor that runs pretty efficiently and is easy to work on, if needed.
Anyone have any suggestions?