Have you got your Taurus checked out? A 1995 is still a fairly new car. Unless you cracked a rod in the engine or something like that I'm sure it's getting worth fixed. I would recommend getting the Pinto for a second car and not getting rid of your old one.
You need to check all the fluid levels before you start it up, this will tell you how it has been maintained and how much leakage there is (oil, antifreeze, transmission fluid).
I would count on replacing the tires, brakes, master cylinder, radiator/heater hoses,rubber fuel lines and fuel pump, alternator/voltage regulator/battery, spark plugs and wires.
I did all this to a 1978 Mercury Grand Marquis with more than 250,000 miles on it and it drives well, 50 miles a day, 7 days a week.
Especially I would replace all the charging system stuff first thing. This is the only thing that ever gave me trouble consistenly on Fords was problems with the alternator and voltage regulator. Most times the "ALT"ernator warning light does not work right so you don't know there's trouble till it's too late.