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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.
If you didnt convert the rear its a 7.5... yea you can do work to them but its still a 7.5 and cannot withstand that much power. If you plan on just doing bolt ons, etc. you will be OK but if you plan on dumping major power through it I would advice swapping rears. You can get an 8.8 W/ GEARS installed for like $200 bucks.
I forget where I was looking but I just seen someone selling an 8.8 w/ 3.73's for $200 or $250 I forget.... in Jersey too. And you can pick up stock 8.8's for like $100 bucks... they are all over craigslist.
I have found some really good deals on craigslist. Thats where I got my MM Subfames and my MM panhard bar from. Both for $250 I think Both brand new still in the box, the subframes were never even opened!