Nope stock sized brakes... I'll probably convert to rear discs later, but I needed to get my wheels on

. I'm not completely sure on the cost. It will vary depending on the condition and who makes the parts, I found a pretty good deal on ebay for like 380 which included the FMS rotors (Part # M-1102 ), rear Moser axles, standard Rear drums, and new rear shoes. The rotors are something like $160 from ford, the axles I've seen for $229 in MMFF. I'm sure you can pick up the drums from autozone or something for less than $50.
Thats all I really needed... I was very happy and all the stuff I bought went on perfect (isnt that incredible....a first for me).
There are certainly cheaper ways of converting...look at this page it tell you all you need for a pretty cheap conv.
http://www.stangparts.com/howto/5.0/5lug/
Hope I could help, PM if you got any more questions.
thanks for the compliments all!
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88' Texas Highway Patrol. 5-Speed Conversion (FINALLY!)
97 Cobra Wheels, 3.73's, 2.5 H-Pipe (no cats), Spintech Pro Street Mufflers, 5 Lug Conversion (Moser 28 spline axles, FMS rotors), Hurst Billet Shifter and a Dirty K@N.
13.7@99.3