EWW. It's not the engine you should worry about, it's the chassis. Your mustang, ranger, whatever isn't very heavy at all.
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"The battery is discharging, the oil temperature is very high, the oil pressure is very low, the engine temperature is off the end of the scale, I'm running out of petrol, but the clock is correct!"- James May
2.3 turbo I say no. If I remember correct if wrong please correct me. They sent several SVO's when new to Germany to test top speed. All failed do to head problems. Because of having the turbo kicked in all the time.
not surprising... the turbo is a little small for the engine in the first place & on top of it the wastegate port is at a very sharp angle.
If you're planning on running a small turbo hard & for extended periods of time it's best to make the wastegate piping flow well from the header at a very slim angle. ideally coming from the header you'd want the up-pipe going to the turbo to be at the same angle as the turbo so both flow paths are smooth.
That's a problem with alot of factory turbo cars with integral wastegates. too small of turbo & a 90 degree angle the exhaust has to take to exit which causes the turbo to get very hot. A water cooled central housing will help, but it can only help so much with the rate the exhaust is exiting vs coolant entering.
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If you have to ask what it takes to get to 500 HP, you don't have what it takes to get there.
'89 Mustang GT
'86 Mustang vert
'84 Mustang notch turbocharged
'96 Mustan