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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.
I'd do a fender mount, but if it rains alot there it might be better to have in under the hood. The fender mount should give you more cooler air, instead of hot air from the engine.