I did a lot of research on this when I had my 85 ltd and came to the conclusion its really up to the owner. An svt contour dual fan setup is nice but either youll have to tap into the ect harness or add another one. The mechanical fan does a good job as it is so I decided against it.
Ive never run an electrical water pump but I see a lot of people do with good results. I wouldnt trust it on the street but thats just me. For the track its fine though.
I don't have a foxbody but I have been running both on my 2000 GT for 11 years. The electric fan is stock. It was replaced somewhere around the 150,000 mile mark. I have around 60,000 miles on the replacement. My first Meizere electric water pump was installed at the 80,000 mile mark. It lasted somewhere around 110,000 miles. I replaced it because of bearing noise. The second lasted around 6000 miles. It was leaking and still under warranty so it was replaced for free. I've run my third electric water pump for about 14,000 miles with no problems. Right now the car is just shy of 210,000 miles.
During the last 11 years I have had to replaced two electric water pump relays. They cost around $8 each. The first cheap Chinese relay lasted around 20,000 miles. When the relay goes out there is no power to the pump. The motor starts to overheat and it pukes coolant out the radiator cap. I had no idea what was wrong because you cannot hear an electric water pump run. I had the car towed to my shop. After the first one went I kept a spare in the glove box. The second one lasted around 90,000 miles. Three years ago it went out when I was around 60 miles from home. I plugged in the spare added coolant and drove home. I'm on the third relay. Its has lasted around 20,000 miles but I still keep a spare in the glove box.
I once broke a serpentine belt 10 miles from home. The motor was hot when it broke. I drove home with no problems. The water temperature was normal all the way but the battery was pretty much dead when I got there. Electric water pumps do not rely on engine rpm. They pump at the maximum rate even at idle. If the thermostat is open they even pump at the maximum rate with the motor shut off and the key turned on.
I have heard a lot of talk about electric water pumps being good for the track and not for the street. My experience says they are as good as mechanical pumps on the street but I do recommend keeping an extra $8 relay in the glove box.
Its not so much they arent good on the street as it is a failure standpoint. Im not saying they are prone to failure. The stock one is pretty simple and reliable. With an electric water pump you have to worry about the motor going out and the electrical side too. Theres more to fail on them than a stock water pump.
Its the same thing with the electric fan swap, its more stuff that can fail.
If the op is doing it to gain hp then imo its not worth it.