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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 need to relieve the fuel system pressure first. You do this by going in the trunk and popping up the fuel shutoff switch behind the driver side taillight. Crank the engine over a bit to use up whatever is left in the lines. Some fuel will still shoot out though so make sure you are ready for that.
Also, I couldn't seem to get mine off without actually removing the whole braket that it was mounted too as there are little tabs that hold it in place in addition to the metal strap you can see in the pic above.
A little gas will come out but the fuel lines are metal, if you clamp them shut goog luck getting them to fit on the new filter. Just make sure not to get gas in your eyes and you're good.