Not Ranked
If it is a Mach I, the data tag (if not deteriorated) could verify, but it is missing some of the external Mach I parts. It has no rear honeycomb panel and no apparent holes where it attached,nor correct hood/trunk striping. There is also no pic of the interior, which is exclusive to the Mach. If it is a Mach, then original engines were 302 (base) 351 2bbl( depending on where made and when, it could be either a C or W), 351 C 4bbl and 428 CJ (ram air and non),428SCJ (also ram air and non). If it is a Mach I it's value isn't relevant with the missing items. It should be looked at as a nice Custom Mustang. Value is more relative than what a beautiful Mach I (original or restored) is worth. Until a $$$ number is posted there is no way to judge what type of trade he has in mind. After 35 years of dealing in early 'stangs and parts, I would verify everything and base the value on how it turns out.
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WDZ
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