Inflation-adjusted, the actual price in old-timey dollars is probably around the same. And the new Mustang will kick the II's butt five ways to Sunday in any measure of performance or safety.
But, of course, there's a whole lot less to go wrong on an old car like that. And I kinda like the II. It's one of those cars that unfairly got the short shrift. And an MPG variant? Can you imagine showing up in one of those at an All-Mustang show?