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My father leased a 68 LTD 2 door in 1968, and was one of the cars I learned to drive in. The body style is identical to yours from the side, but the grill work and interior was different. It had a 390 2V, a real dog of an engine...I imagine a 289 in a vehicle of that size would be similarly somewhat underpowered.
Your fairlane's body looks to be in excellent shape; how's the engine and underbody?
It's definitely not as powerful as my 390 69 coupe but it would make for a good cruiser. There is spot on the bottom rear of the fenders that are bubbling and a couple spots in the floors that need patched. But other than that it is a pretty solid car. It would make for a good project car.