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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
The TKO 500 and especially the 600 are going to be WAAAAYYYY stronger than a T5, but also more expensive. The TKO's are stronger than the T56 as well, except for the Viper T56, but I never liked the gear ratios on the Viper T56 all that much. The .8 5th would be nice sometimes though. T5 cheapest, T56 most expensive(and if Viper Blueprinted as strong as the TKO) and the TKO is a good all around transmission, very durable, affordable, and fits nicely.