I'm an "everything guy", with an emphasis toward Ford...

Rhino, you're fairly limited with the '72, most of the really trick suspension upgrades (coil-over conversions, rack & pinion setups, etc..) are available only up through 1970 models. That pretty much leaves you stuck with the typical old-school upgrades, i.e. tubular control arms, 4-wheel disc brake upgrades, strut rod upgrades, sway bar upgrades, subframe connectors (a must in a big-power convertible), etc...

However... if you REALLY want to go nuts with the car, and budget is flexible, these guys in Orlando www.bluemooncars.com can take your vehicle and make it absolutely silly-trick, custom fabbing all of the modern upgrades I mentioned at-first that are not available off-the-shelf. IRS rear suspension, the works. Contact Al Kamhi. They do beautiful work, and you'll be blown away by the projects they are currently involved in.