I help a friend do this swap about eight years ago. We move all the suspension over. You could most likely get by without doing it ,but the 5.0's suspension is much stronger. We did it in a car port and it was 10 degree's outside. If I remeber correctly it took us about 4 weeks to complete the project. Good luck this is a fun project.
I would be looking for a coupe.It does not need to be a 5spd.
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Check my site for mod
www.fordmustanggt.com