Bellhousing for a T5 on a 289

Yes any newer bellhousing will fit. You will also need the "late model" block plate. The difficulty will be with the clutch mechanism. The one you have pivots on the driver side of the input shaft, so you have to move the clutch fork toward to rear of the car to declutch. The late model pivots on the passenger side, so you have to move the clutch fork toward front of the car to declutch. The Z-bar can't do that. You'll have to adapt the late model bell to use the Z-bar and your OE clutch fork.

Or you could convert to a Mustang Steve cable clutch and have the best set up. Yes you will have to modify the pedal and drill a couple holes in the firewall but this (in my .02) is the best cable.