If Ford doesn't take on the loan, it would be a very bold move on their part.
If Mullay indeed does work for $1 in 2009 (and doesn't get any other perks like stock options and bonuses) then that would show the workers at Ford that he is serious about his plans. So I believe that the $1 salary thing is more for the Ford workers and to boost morale within the company than anything else.
I own a Ford Explorer Sport Trac - it is my daily driver and tow vehicle. If Ford actually goes through with such plans, I would not hesitate to buy another Ford. To tow my next Porsche to the track!
-Z-man.