People, learn some history! The '74 Mustang II was based on the Pinto. Two engines were available, the 2.3 four-cylinder (Y code) and the 2.8 "Cologne" V-6 (Z code). None of these engines had anything to do with the '71-'73 Mustang, which had the 250 straight-six (L), the 302 V-8 (F) and the 351 V-8 (in both two- [H] and four-barrel [Q] versions). The Pinto could also be had with a 2.0, 2.3 or 2.8 liter engine during this time period (just like the '83-'85 Ranger).
The Mustang II was a big hit and came at just the right time following the Arab Oil Embargo of '73. In '75 the 302 V-8 returned to the Mustang II.