You will need a bellhousing. Aluminum one is available from Tremec, or a SFI bullet proof steel is available from Mcleod, Ford Racing(Which is actually a Mcleod one) or Lakewood. You will need a different clutch disc & pressure plate since the TREMEC uses a differen't input shaft spline (1 1/8x26). You need to modify the crossmember.
Grind out the weld beads on the old one and adjust the crossmember bushing holders until the Tremec does not rub the crossmember. Then weld them in place. ( I recomend changing the crossmember bushing's while you are at it with some Energy Susp. ones) Or you can buy an adjustable crossmember from Ford Racing that will work. The slip yoke is different than the T5 but one comes with the tranny anyhow, at least one did with my TKO. A shifter comes with the tranny, you just have to you your old lever and knob. Stock drivshaft work's just fine as well. If you use a steel bellhousing you may need a longer cluth fork as well to keep a softer clutch feel. Stock one will work but is more stiff. Otherwise it is a very simple install.