I'm not sure if that tranny will bolt up to a 5.0 without changing the input shaft, I know the 4 cyl. trannys were different, not sure about the V-6's though. As for a governor, I assume your talking about a rev limiter, which is part of the EEC (computer) which I would think you will have to change as well.
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Good luck!
Brad R.
1992 L.X. 5.0 coupe
MODS: A few little bolt ons 
New Best time ...11.60 @ 128 mph @ 2000+ ft altitude.
Rice Haters Club member #39
Users rides #2542
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