The T-5 should hold up for a while., just don't beat the crap out of it with the 347. I'd stay away from drag racing till you can get a better tranny, such as a Tremec.
Your tranny should be a regular T-5, not a WC T-5. I thought the WC T-5 only came in the cobras or from the aftermarket, but I could be wrong.
For bell housings, there are tons of them out there for the T-5. But if you plan on getting a better tranny, like the Tremec, you may need another bell housing since the Tremec won't bolt up like the standard T-5. So decide what tranny you want to run then get the proper bell housing.
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1989 Mustang LX Notch
5.0L, T-5, 1969 351W heads, cut & welded stock plenum, F-303 cam, Mac 1 5/8 full length headers, Cat'd H-pipe, 3.73 gears, Underdrives, SSM lift bars, E-Fan, 3G Alt, Custom Chip, Autometer gauges, Weld Draglite wheels , M/T ET Street Radials
Best 1/4: 13.33@101.53MPH
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