when i did my first set, i had no clue how to do it, other than having a friend of mine there to just point out stuff like "oh hey, you should probably do this, not that". including about 3 or 4 breaks (being that it was a summer day, and we were being lazy), and a few unnecessary trips to the parts store, i had the whole thing done in under 6 hours. if it took me 6 hours to do the whole thing without knowing what to expect, with only hand tools, and having to go back to the parts store at least twice, plus a few food breaks, im sure you could do the whole thing in under 2 hours if you have all the tools and parts on-hand.
two things i know i remember i had to go back for, was new cotter pins, and to rent a spring compressor. most of the time with mustangs, you wont need one, but every once in a while theres a spring thats gonna be a bitch. hell, my old v6 needed it for all 4 springs.
if youre doing it with hand tools (no air tools), some parts you'd need are a ratchet and larger sockets (i think most of the ones i used were in the 20mm+ range), a nice size breaker bar, a pry bar, at least one or two floor/race jacks and stands, and a torque wrench if youre worried about getting everything back to the correct torque specs. its been a couple years since ive done a set, so im having a bit of trouble remembering if there was anything else i should mention.
oh, and the front sway bar on my car was a bitch. i dont know if i approached it wrong, but i ended up having to use two jacks to get the front sway bar back in place. one to hold up the a-arm, and the other to "see-saw" the sway bar from the other side, to get them to reach each other.
