On so many levels:
Yes, that's right, in 1976 Ford contemplated making a Mustang station wagon. With wood panel sides at that. Makes the Mustang II look not so bad, doesn't it? Here's a photo article of Mustangs That Never Were over at Fox News.
Now look, there's nothing wrong with the concept of a shooting brake, a sort of gentleman's sports coupe for hauling around sporting gear while hauling ass in style. But there's nothing stylish about turning the Mustang into a reject from the AMC Gremlin labs. Fortunately, saner heads at Ford intervened and – though it took a while – the Mustang was saved from being perverted into a cheesy grocery-getter and was eventually turned back into what it should be.
Back to the main point, with the roomy trunk and fold-down back seats, the current version of Mustang damn near is a shooting brake. Man can it hold a bunch of mullet nets, mountain bikes, lumber, or any number of shooty things. But one thing that it isn't and never could be is some damn station wagon. What was Ford thinking?