angcobra

As others mentioned, it is the pilot bearing for a manual trans.
If you remove it, I suggest a puller, some parts stores will let you use for free.
It must be okay there for your converter but, some aftermarket converters will require its removal. My TCI converter slides up into the spot taken by the pilot bearing.

Shelty

my converter needs it out too, I assume mine is stock, as it was a V6... what diameter dowel should I get five point ohhh?

thanks

tmajikman

Just put a 5 speed in that bad boy.....lol

bone5.0

if you have a stock 5.0 you might what to put a 5 speed in that stang. when my mustang was stock I did the conversion and drop a full second and a half at the track.

crazypony

when i swapped my auto out there wanst anything there .. just open space for the bearin to fit into that all so i dunno about a cap or anything there