I wouldn't skimp on a Mustang II setup. At least not on the crossmember and top hat kit. Heidts has always been my choice since their geometry exactly matches Fords design. That can't be said for some of the other Mustang II IFS manufacturers. The control arms, spindles, and struts can all be found at swap meets if you need to save money.
Go to the link below my name and click on the past projects (41 Chevy and 53 Pickup) on the left side of the page. Each one of them had a Heidts Mustang II IFS installed with pictures and narrative. The 41 Chevy coupe has the same frame as your 47 but the detail and explanations given with the 53 Pickup are in much more detail and should explain things a lot better.