Unlike everyone else here, I think the paint job is a great idea simply because it's funny. The ladies will certainly notice you in a ride like that, but however you handle it from there is up to you.
Something you might want to do is scan in some photos of the car and "paint" it with some software to see how it will look. You could also sketch it out on paper. What made the S&H stripe look good (subject to opinion) is that it complimented the body shape of the Torino. The Torino had a lot of hard corners, a long hood, and long doors, while a Taurus is heavily rounded. It might be an awkward match.
I agree with previous posts that said to make sure the engine, etc were in good running condition. Other things you should spend your money on first would include a 4-way lug wrench (easier to bust the lug nuts loose with this) and the longest heaviest set of jumper cables you can afford. I'm talking about the kind of jumper cables that a tow truck driver would be proud to own. Don't worry about spending mega bucks on these since this set will last you for many decades and many cars.
Another thing you might consider buying before the paint job is a code scanner so you can read the diagnostic codes when your check engine light eventually comes on. A good investment if you plan to work on the car yourself and plan to buy other Fords in the future. A Chilton or Haynes service manual would also be money well spent.
One last thought: If you do this paint job, your car will stand out so well that everyone in town will know it on sight. When I was in high school and cruising around with my friends, I liked the idea of flying under the radar in my Mom's LTD Country Squire wagon with simulated woodgrain on the sides. I suppose it all depends on your defenition of the word "party".
Email a photo of the car to me if you ever pull off this paint job.
Christopher