Couple of things
does the mustang have a ballest resisor fitted between the ign switch and the coil? in which case it should be a 9v coil or remove the ballest resistor to run a direct 12v feed from the ign switch, or just to test run a 12v feed direct from battery to coil.
the feed to the dissy is switched by the points opening unless you have electronic ignition,
but in both cases the capacitor/condenser may have broken down causing a consent feed hence given permenant live through the coil,
to test if you have points rotate engine so points are closed, put meter on coil and test if volts change when you open the points, or a spark out of ht to dissy lead
if electronic ign you will have to rotate engine or dissy to activate spark ,
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