Some Ford products also use a knock sensor that is bolted to the center of the engine valley. This gives two wires coming from under the intake manifold. CHT and knock sensor.
The Mustang does not use a knock sensor or a CHT sensor. So there won't be any place to plug those sensors into.
IF the cooling fan is running all the time and the dash temperature gauge is is in-op, IMO this should be trouble shot as a straight ECT problem. For the Mustang the ECT sensor located on the right side of the first intake runner and the only coolant sensor that matters.
OBTW, the ECT sensor "tells" the PCM what the coolant temperature is. The PCM then "tells" the cluster temperature gauge what to display. Therefore a problem with the ECT sensor (or wiring) will affect both.
Do you have an ODB2 scanner? Even better one with bi-directional capabilities? If so, this might make very short work of this problem.
Here's some information on an affordable Windows based unit.
ForScan ODB2 scanner w ELM327 USB
While working on your car have you ever wanted: to find an ODB2 operational PID value (say fuel pressure or MAF)? How about graph a PID value over time? Or compare multiple PID's over time? Access a bi-directional PCM control such as test a...
www.stangnet.com
With the ODB2 scanner you can find out what the PCM "thinks" is the ECT value. With bi-directional controls you can also "command" the PCM to turn on the low speed and/or high speed cooling fans. With this information you will know if this is a sensor, wiring, or control problem.