Looks like a good candidate for the swap. The only reason I might not is if it were a 351 4V 4 speed GT. I am working on a nice 71 XR-7 and have been documenting it here.
https://cccforum.discoursehosting.net/t/wow-up-beat-cloth-and-vinyl-100-original-paint-71-xr7/5160/1
I would love to hear about this project.