Yes, it can be done and has been done and NO IT DOESN"T HAVE TO COST A LOT OF DOUGH!
I was considering the same thing. I found two SHOs in the local wrench and pull. You can pick up the entire drive train for $300! One even has a rebuilt transaxle. The computers and wiring harnesses are there, too. Then I decided it was too common and too much trouble.
I have decide to build up my 3.8 liter V6 with some Morana parts and hopefully a SC setup from an S/C 'Bird. I stripped off both bumpers and the side aero panels, repainted them to match my 91 LX. I stumbled across a lighted spoiler for $15.00, too. I'm just finishing up with that project right now. I only have to paint the front bumper. I even got the SHO hood pad, bucket seats and console and the larger MM F&R swaybars. Since my LX has the same power seats, the SHO buckets are a plug-n-play. I purchased a perfect condition condition, matched set of Italin SHO Slicer wheels in white. The white will look nice against the Twilight Blue. The car will be lowered and a true duals installed.
Well, that's my approach to a tuner Taurus.
JD