Oh my! My cousin "green94droptop" has the same problem and he just got his '95 GT. I seem to think it's the release bearing, but it could be a number of things all telling you that a new clutch assembly needed is right around the corner. For instance it could be:
pilot bushing damaged
clutch rivets are loose
clutch plate is cracked
clutch cable needs adjusting
pressure plate fingers are going
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Blueneonman - '95 5.0L Mustang GT Convertible | K&N Custom Cold Air Intake | FMS 9mm Wires | Hollow Cats | Flowmaster 2 Chambers | BBK Subframes | 6-pt Rollcage | 14deg Timing | King Cobra Clutch | FMS Adjustable Clutch Cable | Coolest Neon Lighting on a Mustang EVER!
Homepage:
http://www16.brinkster.com/blueneonman/
Best time: 14.578 @96.20mph