If you do the rebuild, just go with the normal Ford method. It works fine and will be trouble free. The corral.net article is good. One thing they had wrong is that you soak the frictions in friction modifier, not gear oil like the article said.
I had no popping at all after I rebuilt mine and I know mine works.
One way to check is to raise the rear with the car in gear. Try to tighten a lug nut. If the wheel turns, your traction lok has had it.
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351W 89 Mustang GT Convertible