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You will need to have the modules scanned for trouble codes. The power steering rack and pinion (PSCM), the Anti-loc Brake module (ABS) or the Engine Computer (PCM) will have trouble codes in them. We will need to trouble codes to identify what could be causing the problem.
No, resetting will not fix the problem. Problems like the one you have is caused by a module or a sensor problem. If you can give me the VIN#, I can do a little digging through Fords database.
Also how many miles on the Mustang?
No recalls on the power steering on the throttle body, but you do have an air bag inflator recall on the drivers side air bag. You will need to al least have the codes tested. We have seen issues with the throttle body causing problems. But trouble codes will need to be retrieved.
If the power steering rack is the problem, they are the best to do the repair as the PSCM is a module and will need to be programed to the vehicle and they have the proper scan tool.