Well, to switch to 5 lug is very simple, and very cheap. The added cost comes in when going to rear discs.
I've done the 5 lug swap to my car, but I kept the rear drums. I used 2 drivers side '88 Ranger axles and '85 Mark VII (ABS) rotors. It doesn't matter if the rotors are of the ABS type or not, unless you want to use the calipers.
Anyway, you could do the swap cheapest with parts from an '87-'88 Thunderbird T/C with rear discs. I'm not sure what all is needed in that swap though. I'm pretty sure you need the whole rear end. The master cylinder needs to be changed and the brake lines need a little revamping if I'm correct. Also worth noting is the Thunderbird's rear end is about 1.5" wider than the Fox stang.
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