LS all the things.Our in-house tuner randomly bought a '77 Mark IV because 'he'd always wanted one'. After pricing out AL heads and a proper EFI conversion with a decent ECU he decided to leave the iron heads in place and just do a cam/valvetrain stuff, cheap headers and a QuickFuel Holley carb on a basic dual-plane AL intake manifold. IIRC it made like 250whp but almost 425ft-lbs of torque. It would do burnouts all the way up and down the block and cruise wonderfully at 75-80. But any faster than 90 and the revs got high and the suspension started making us nervous. I think his best mileage was about 16mpg on the highway at around 70.
The same guy also loved the idea of turbos, as he had experience doing big twin turbo setups on big block Fords. He said those engines for whatever reason would just make fantastic power with turbos and moderate timing on pump premium. But the stock internals that those Lincolns got weren't Ford's best work, and after he priced out heads and a forged crank/rods/pistons, all the ARP hardware and Cometic gaskets and all that good stuff, even at shop cost it rapidly went into a 5-digit price tag, so he just kept it simple and put a huge stereo in it.