As far as the chip goes, I think your car would have a different computer than the Mustang, but you could check around online and email some of the companies to see if they'll work or if they'll make one or not. I'm not sure about the '86 having throttle body, but I THINK they still had the CFI. I know in '85 they did. I believe they started using fuel injection (with throttle body) on the '87 5.0 T-Bird. Does yours have a round air cleaner on the top (like the older cars do over the carb), or does it have the plenum style intake with the air cleaner next to the fender?
Rick
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