Yep, the Mustang II was pretty much a Pinto. A Street Rodders dream for front end parts (suspension) - as was the Pinto front end.
Think about it though, what was the ORIGINAL production Mustang? Essentially a Falcon - another econobox that most of them were 6 cylinders. Now think back to before the release of the Mustang to the prototype - - what was the ORIGINAL PROTOTYPE Mustang engine? A FOUR CYLINDER! So in a sense, the V-8, I6, V-6 Mustangs aren't TRUE to their origin at all. The Mustang II was as close to the original prototype they had ever gotten (at that time).
I've had a few - several 66 & 67's. Currently have a 64.5. (V-8). I can respect the Mustang II's for what they were, an answer to a call for more efficient cars. Also, I really like the Cobra II's. Back in the day a friend had one that was like new, then again it was a 12 year old car. It looked/ran like new when she sold it and she let it go for a whole $2,500!