I'm researching the same thing right now. It seems it can be done and it may just be a good idea. The lakewood 15032 bellhousing would work for sure.
http://performanceparts.com/part.php?partID=181634
There is also a Jeep bellhousing that has a Chevy V8 bolt pattern on the engine side and a Ford T5 bolt pattern on the other. Like this one.
http://cgi.ebay.com/ebaymotors/Jeep-...=p4506.c0.m245
Not sure about the clutch fork on the Jeep though. I have to find out if our hydraulic slave cylinder would attach.
You would need a special clutch disk but that should be easy. It would prob be just a 'stang clutch disk and a GM pressure plate. Any competent clutch shop could make a clutch kit easily. I've got a guy for that for sure and he's very reasonable.
The output shaft is different but that wouldn't be a huge problem either (I think). Worst case is a custom driveshaft.
I have read that the shifter is only a fraction of an inch different location (with the proper bellhousing) and requires no mods to fit.
I was going to make a post on this to ask if anyone has actually done it before. Mustang T5's are better and much easier to find. Dime a dozen really. When I learned of that Jeep bellhousing, all this got quite a bit cheaper potentially. I am going to learn all I can on this subject and decide if this is the way to go, or just save for a TKO500/600 someday.
Here's a link to a page with tons of links with the info you need to answer your questions.
http://www.jalopyjournal.com/forum/s...d.php?t=169265
It seems that hotrod guys have been all over this conversion for years now. It may be worth it for some of us 3rdgen guys to catch up!
Good luck and keep me informed of what you learn. And if anybody has already tried this, or better yet actually done it, please let me know!