Check to see what kind of fluid it is. The T-5 runs DexcronIII tranny fluid and it's red. Sounds like your rear main seal though. High volume oil pumps do not go well in small block Fords. Causes all kinds of problems.
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92 GT, 4:10 gears, centerforce clutch, 6# powerdyne blower, bbk h-pipe, flowmasters
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