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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.
Yes, its possible and NO it's not good. The oil is in there as a coolant. If it's leaking oil its trash and if you continue to use it anyhow it will probably burn your car down.