I haven't exhaustively searched for 84-86 3.8L V6 info, but it is clear it uses a dual injector throttle body system. Not necessarily a bad thing, but without knowing more about the size of the throttle body and manifold it'd be hard to know what sort of potential this engine would have. It was used in many Ford cars, including the Cougar where I found a short blurb on it from CoolCats.
I suspect it'd make a great race car. It certainly follows my axiom of pick the car with the largest engine and the lowest specific output.
"The second type used central fuel injection (CFI) from 1984-87. This motor retained the traditional circular air cleaner but swapped out the carburetor for a throttle-body type injection sytem (1-bbl with 2 high-flow injectors). Output was now rated at 120 hp. The engine used Ford's EEC-IV system, greatly increasing the ability to troubleshoot problems. Some early cars (1984-85) had issues with faulty EEC modules, though, resulting in poor performance and reliability until properly diagnosed. Generally this CFI setup was very responsive and did its job well. The heads were updated from the carb style, with revised exhaust ports. By far, this was the most popular engine to be found in 1984-87 Cougars. "
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