You do have to weld a little bit on the ebrake handle. Nothing hard at all.
And this is for disk brakes, you just said you have "5 lug" with doesn't mean anything.
The Mods are very easy, you can look on Ford racings page and look up the M2300K directions and it will show you what needs done. You have to cut the spring and a simple weld to hold the pawl on the 3rd tooth. I bought a 98 Cobra leather handbrake and did my mods to it before I started the conversion that way all I had to do was swap it right in and have no down time.