Dang... nice find! <jealous>
Those 3.8L's are fairly reliable too. They're essentially a 302 (of the legendary SB Ford series---221, 260, 289, 302), with cylinders 7 and 8 chopped off. I think the only issue with them have been with head gaskets (aluminum heads on an iron block), but I'm sure you're the type to watch the coolant level and temp gauge. If you get too attached to the vehicle, there are a bunch of 3.8L enthusiasts (Mustang crowd) out there.
Congrats!
Po