Ebay item

I have looked at these before, they( the metal collar assembly you see beside the filter) bolt to the filter side of your MAF housing. Then the filter clamps to the collar. This replaces your flat filter and air box/cold air duct. This should fit the 'stang. I have a '93 and compared my MAF housing to a Ranger's at a boneyard and it's the same aluminum casting, but with a different sensor(serial number was different on black plastic sensor casing).
It's pretty reasonable: I have seen machined aluminum adapters on eBay for $60-70, what a rip-off, some people will buy anything at any price!
 
I posted about these a few days ago, haven't gotten around to getting one yet. Even if the filter does sit in the engine bay, I don't figure the air in that part of it can be too terribly hot, and it's definitely less restrictive than the stock airbox.

Ash