...To restore the loss we need a vacuum that is at least equal to atmospheric pressure...
Ken, I think you're confusing 14.7 psi atmospheric pressure with 14.7 inches of mercury. Please don't take this as a snarky response, I'm just going to show the math.
Atmospheric pressure (standard at sea level) is 14.7 psia (absolute), or 29.92 inches of mercury. A vacuum gauge reading of 14.7 lbs would be 0 psi absolute - a perfect vacuum. It is possible to
approach a perfect vacuum with sophisticated pumps, but it cannot be surpassed.
When working with pneumatics, it's more convenient to work in differential pressure than absolute. It makes the math easier.
A few corrections: First, I used the diaphragm from a '67 booster before noticing the original question was about a 1966 vehicle. I also neglected to account for the brake pedal leverage when calculating "driver contribution" to the power system. And, in hindsight, 20 lbs seems a bit high, so I'm reducing that to 10 lbs. My apologies, I shouldn't have worked on this so late last night Let't start with the brake pedal. From photographs, I calculate the mechanical advantage of the brake pedal on a manual-brake equipped Mustang is approximately 6.5:1. I haven't measured how much pedal force is typically used when making a "normal" stop with manual brakes (and it's been many years since I've done that). But I'll estimate it at 50 lbs, to simplify the calculations a bit. That's also the value specified for pedal height check in the '68 shop manual (I don't have a '66 shop manual). Pressing on the brake pedal with 50 lbs of force therefore results in 50*6.5=325 lbs of force on the pushrod in the master cylinder. That's with an entirely manual system.
Now let's look at a power system. A brake booster for a '66 Mustang has a diaphragm diameter of 7 inches. That works out to about 38.5 square inches. To get 325 lbs of force, 325/38.5=8.4 psi is needed. 8.4 psi=17.1 in/Hg. That's if the booster is doing all the work. But since the driver is pressing down on the pedal, but with less force than for a manual system, the booster doesn't need to provide all the force. Let's say we want 325 lbs total force on the master cylinder pushrod with 10 lbs of pedal force. With 10 lbs pedal effort, and a mechanical ratio of 6.5:1 (using a 65-66 pedal - later years had less mechanical advantage for power brakes), the driver is contributing 65 lbs, so only 260 lbs is provided by the booster, which requires 260/38.5=6.8psi=13.8in/Hg.[/s]
The answer to the questions of how minimum engine vacuum thus comes down to the engineering design requirements - how much pushrod force for a given amount of pedal force? Given these numbers, and allowing for friction losses and the force of the diaphragm return spring in the booster, 14-16 in/Hg minimum seems reasonable. Higher vacuum will result in lighter pedal force. Lower vacuum will result in a heavier pedal. There's nothing in the physics that points to an "ideal" value of 14.7 in/Hg.