Oddly enough my research shows they go for a little less money than S code cars, although they are a little more rare. I think his asking price is in line with the value of the car. I'm going to look at it in a couple of weeks. Although he is not certain he still wants to sell. :icon_dead
Here's a thread on that very topic that you might find interesting...
http://www.mustang.org.au/forum/index.php?topic=18888.0
It looks like...
Code Engine HP Torque Carburetor
X 8-390 280 390 2BC
S 8-390 335 427 4BC
http://www.oldride.com/library/1968_ford_mustang.html