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Ride comfort is dependent upon the suspension set up - IRS is definitely more comfortable - and how the seat is set up. These are small cars. Park one in your garage and you will think the garage has somehow grown in size. If you are short to medium height you will fit fine. If you are tall or heavy, how you sit and fit in the car will depend on the manufacturer and how the seat is mounted. How the pedals are mounted can also affect comfort.
If you haven't had a convertible before, it is definitely a unique and pleasurable experience - as long as the weather cooperates. I have a top and side curtains for my ERA and it's pretty cozy in the winter, but you wouldn't like it if you are claustrophobic. Probably 98% of these have side pipes and between them and wind noise - they are loud. Make no mistake about that. That may be as much a limiting factor as to how far you want to travel in one as anything else.
My ERA rides very well. It's very solid - much more so than the English roadsters I rode in years ago. Much more so than the pre-1963 Corvettes I've ridden in. I'm one of the 2% with undercar exhaust and it makes for a bit tamer ride, but I have a 427 side pipe Corvette with a big cam for when I want to be rowdy. Obviously, most people on here rely on their Cobra replica when they feel like being a bit rowdy.
Reliability on a fairly well sorted car shouldn't be much different from you Mustang. Most of the technology is pretty much the same unless you install fuel injection. It helps if you are able and willing to do some of your own work on the car.
Your best bet is to find a club or attend a show and see if you can manage to get a ride in one to see how you like it.
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