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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.
If your car is stock you could run it; above 400 hp i'd swap to a different one. If you're mustang is modified, but still with a 302/306/331 I would recommend a t66. If you're looking for above 600+ hp, i'd recommend a t70. If 800+ i'd say the t76. That's basing it off of an assumed street engine & street rpms. Hard to say what to go with without knowing rpm, engine size, or desired hp.