Cool! Those are nice cars, a friend of mine has owned a few. A '92 will already have a mass-airflow sensor, so you won't need to convert anything.
Don't expect it to be all that fast in stock form--although it is essentially a stretched Mustang GT, it weighs an additional 1000 pounds and has tall gearing. But as merkerguitars mentioned, there is a LOT you can do to the cars. Just about anything that applies to an 87-93 Mustang GT will work on the Lincoln.
If I had a Mark VII and the time/money to play with it, I'd like to drop in a manual tranny from a Mustang GT. That would make it a lot more unique and fun to drive.
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