[bmxmon]

If I were you I would advoid the adapter plate and just use the entire trans/bellhousing from the 88'. Get a clutch cable kit, many of the mustang shops sell them. I believe it is possible to use the clutch but you would have to get a different flywheel. (Balanced to the motor)
Use the yoke that came with the T5, then have your original driveshaft shortened. The driveshaft that the Fox's use have a different connection (for some reason I cant recall what it is called) at the rearend.
You know, you could just swap the entire 5.0/t5 setup into your 67', that way you would get efi, a serpentine belt system and a roller cam.