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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.
Have you tried jiggling the balancer w/ your hands to see if it's loose or not? It sounds like it spun....I don't know why the timing would be that high....