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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.
its not gonna cause issues, i've been doing it for 15 years. one or two good taps on the screwdriver more than likely will pop the whole thing right off.
I'm 99% that there are4 bolts connecting the oil pan to the timing cover. I had the same issue as you did and couldn't get it out, looked under there and there were two more that needed to be removed.