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I think you can put newer seats in, but you might have to cut the seat support to make it lower because the newer seats are taller from the seat track to top of the seat bottom. I think I saw that in one of the Mustang magazines, I'll look and see.
I have some 01 Cobra seats for my FB. You can use the orignal seat tracks and mount a adapter plate to the seat. I haven't mounted them, but I set it in and it looked fine.