yeah, sort of. The reflectors on the quarters are either surface mounted or sunk in.
Ford wasn't trying to make it complicated, on the early cars, they were switching over from generators to alternators. Most of the rest of it was refining some of the design of the car, such as the unfinished front edges of the hood that caused the chamfered headlight buckets, larger MUSTANG fender badges, different colored front turn signals, etc.
In '67 you have the 4 piston to single piston brakes, the suicide steering shaft to the safety shaft, the whacky lower control arms, etc.
I guess the other '68 1/2 were the 428 cobra jets, which might be what you're referring to, and I don't recall if Ford called them '68 1/2 or not.