Air bag light on

While the clockspring is likely the issue, you CAN pull airbag codes and see what the actual error is. The airbag system will throw codes if it finds "high resistance" on any connector; I had an airbag light go off after disconnecting and reconnecting the connector under the steering column.

This link will give you all the possible codes, along with directions on where the airbag connector is and how to retrieve & clear the codes:

Mustang 1995 Air Bag Diagnostic Codes

The instructions imply you have to pull the glove box to get to the connector, but that's not true. You can reach it from underneath the glove box, it's a gray connector with three prongs.