First off, that was an excellent description with good info! To answer your question about the oil pressure gauge, the "fake" ones that you mentioned are used in the F-150's. The Mustangs gauge is a functional gauge. However, they are not very accurate, and really should be replaced with a mechanical gauge. This is true of the temp. gauge as well. As far as your rear gears, they're no higher than 2.73's and no lower than 3.08's. As far as your clutch and tranny are concerned, it definately sounds like your flywheel is heavily glazed, and I'm sure your clutch is in need of replacement. As for the "thump", if a new clutch/flywheel doesn't solve it, check your driveline for play in the u-joints and the rear end. The suggestion to have your tranny rebuilt isn't absolutely necessary, but as long as it's out (for the clutch), you might want to take it in. I would check the shifter for play as well.
Good luck, and enjoy your "new baby"!!
Take care
~Chris
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MustangNet
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[This message has been edited by PKRWUD (edited 07-09-2001).]