JT's right on. You really can't go wrong either way. If you try replacing the fan clutch, and it doesn't work, then just return the fan clutch, and begin to look elsewhere for a solution.
Taurus fans are cheap on ebay right now (saw one go for under 35 bucks a few days ago,) or you can get one from a junkyard for probably less than 20 if you're lucky. The DCC costs just over $100. After all is said and done, it's practically cheaper to do that then it is to buy even the Proform electric fan jegs sells, which moves way less air than the Taurus.
You could buy the Hayden/Imperial controller from Pep Boys, Auto Zone, etc, but the required wiring, Bosch relays, etc, would put you at nearly what the DCC costs anyway.
Heck, even if you DON'T have the 3g upgrade, you can still run the DCC unit.. I did for several weeks before I did the 3g, and Mr. Baskin over at DCC mentioned he runs a DCC on a 60 something (IIRC) Camaro, with a stock alt.
Here's a writeup of the Taurus fan install (minus the DC controller.)
http://www.fordmuscle.com/archives/2003/02/electricfan/index.php