Are the master cyl,booster,lines all the same?

all the brake stuff for the v8's is the same from 87 till 93, the only exception being the 93 cobra. you'll be fine with what you have if you keep the stock drums in the rear, but you're using the sn95 rears, you'll need to upgrade to cobra or sn95 booster and throw in a proportioning valve as well as a 3-2 port conversion.

see 79-93 5 Lug Ford Fox Body Mustang Conversions for everything you need to do for the 5-lug stuff.