The guy that rebuilt my t-5 says he doesnt recomend synthetic, but i would use it anyway if it fits the budget (4.99 qt) i think, but i use penzoil type-f, i know ford recomends dexron/mercon, but you can use type-f, and a t-5 builder i know, says it creates less heat.
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Police package 5spd 90 Lx, Stock original motor, 3.27grs, BM fan, fms 10.5 clutch, D&D quadrant, and adjuster, ADS chip, 180 stat, mac cai, mac h-pipe, mac subframe connectors, ASP crank pulley, ripper shifter, 26x10.5 M/T sport pros welds. 246 hp according to analyzer 
Race weight: 3,120
E.t-13.57 with 26x10.50's e.t. streets. 1.88 60'
mph- 99.92 mph
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