I'm in the process of trading in my Z because I can't find a competent service department near me. I've driven several newer Mustangs and, unless you are in a base model, they all handle reasonably well. Not as well as the Z but a LOT better than the 196x models I've owned in the past. I like the old-school styling of the newer Mustangs. And, yes, a V-8 sounds better than a six any day, IMNSHO.
If you can get a good deal on the 5.0, I'd say go for it.