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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.
you release the pressure through the schrader valve. Its on the line to the fuel rails in the engine bay. You will see a little black plastic cap. Pull the cap off and it looks just like a valve stem. Just stick a screwdriver in there and the fuel will squirt out so have a rag handy to catch it
I never released the pressure both times i've replaced the filter on my mustang and on mustang. I Just popped it off and got a bit of gas on me. Not enough for me to care. A little off topic but i just replaced the fuel filter on my friends 1980 corolla. Damn that was easy. It was a tiny little thing right in the engine bay. Didnt need any tools or climbing around.