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Ok what do you guys think I should do? I have a 91' FoxBody Mustang I have been restoring for a a few years and I have invested $6,000+. Whatever the new project I decide to do will also be for my Senior Project. All I can think of is maybe rebuilding the block or putting a t-5 trans in it.
Reasoning for doing those is because:
1. Engine has high miles + running 13ibs boost. "Sorta risky"
2. Currently using AOD with BBk Shift kit + SuperChip shifting times.

You should definitely rebuild the block, but I wouldn't suggest putting in a t-5, IMO. Also, if the engine has high miles on it, then why are you running 13 pounds boost? That will screw up your engine so bad.
Agree with null, rebuilding the block is the best approach
Rebuild it first of all. Also if you drive it quite often, i would atleast lower it down to 8lbs... Thats a pretty safe limit.
Rebuild the block, it needs a lot of work.
I forgot I even made this post, but I have done some work since the OP.

302 short block "same one with high miles lol"
Forged Pistons
World Class T5
70mm Twin Turbo's "9ibs boost"
#42ib Injectors
MSD 6AL/8.5 Solid Wires/MSD Coil & Distributor
Stock Gears "2.73"
GT40 Cobra Intake
B303 Cam
255 In-tank
Selling the turbos and swapping over to Kenne Bell Supercharger.

Bad News: Did end up blowing a head gasket after 4-5k miles "not something to be surprised about with 20 y.o gaskets, but in a way im happy. Pulling the engine, cleaning up all the electricals, Kenne Bell Blower. Another load of cash out of my wallet lol.