Smokey:
Replace the disc and pressure plate of course, also the release ('throw-out') bearing as well as the pilot bearing.
I would seriously consider a new flywheel for peace of mind; a stock iron piece is a tad over $100. and a steel job is about $225.; recommended. A new adjustable clutch cable might be considered too, since you (or your mechanic) will have the assembly apart.
I have a near-stock 5.0 and use the Ford 'King Cobra' clutch with excellent results.
Lots of choices available but I like the light pedal effort and the performance and durability have been excellent, so far.
A labor cost of $350. would be excessive, even in New Jersey.
Figure about 3 hours labor @ $65. per and you have a $200. labor bill, if the shop is honest and efficient. I said: 'if'.
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