Uuhhh..........not to be confrontational - honest - but some of that info is mistaken.
The front cover does NOT have a mechanical pump mount point - you will either have to use an electrical or change the cover. Use the electric; it's not a big deal.
These are FRONT sump
oil pans, and have a dipstick mount rivitted into them on the right (passsenger) side. You will have to either fabricate the stick or find something like a Milodon or -?- that will work. You can, of course, use the block entry stick point also.
With 305 ft/lbs of torque (see
www.fordracingparts.com for more info) your T-5 will work just fine. Use this chart for plenty more info -
http://www.fordracingparts.com/download/charts/029.pdf
The motor is set up for serpentine belts - meaning that the balancer has an integral 6 rib pulley and that the water pump is reverse rotation. The balancers are off an Explorer, or something like that. If you want to run v-belts you will have to swap water pumps and change the balancer since the pulley is one piece with the balancer.
Engine comes with a steel flywheel and is just fine for the T5. The stock Mustang 10.5" clutch is completely adequate. The stock Mustang bellhousing will work, altho you might want to consider a scattershield (Lakewood bellhousing) if you are into drag racing...for that matter, if you really want to drag race it you should get a better clutch set also. And, while there are some exceptions, pretty much any intake and distributor setup from the 289/302 series will work dandy. Chris is right about the distributor gear - use steel only. Not iron - STEEL. Bronze is workable but will wear out in real short order
I have about 9000 miles on my 302/345hp and it is truly great. Pump the gas pedal twice and it fires before two cylinders have undergone compression. Have run it to Ohio twice now, about 1300 mile av. round trip, 8+ hours each way and it hasn't so much as hiccuped. Rev limiter in the MSD 6AL set at 6200 - and it has bounced off it many, many times now....I'm really slow shifting in first and second.
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For the $$$ you cannot find a better bargain. Not fussy in any measure, minimal maintenance required, sounds great. You will want more power after a couple years, but what was that Chris said about going to the 427? Power is like heroin - just keep wanting more until............