^No, there are modifications required.
Drill some holes (two 1/2 holes should do it) into the basket about mid ways up. And you have to splice the wires into the GT pump as the connections are different. You also have to notch the hat on top of the basket, that sets on the fuel pump, inorder to allow it to clear. Its not all that hard....oh and you also have to take the casing and black hose off the GT pump when you get it.
Oh, and last things last...and VERY important. WHen you put the hat over the GT pumps spout, DONT push the hat all the way down. The reason is that the tapered spout on the GT pump goes past the sealed part in the hat if you push it all the way down. The stock GT pump's spout is fat all the way down, so thats why it doesnt suffer from this. So just keep it about a half inch from ALL the way down...and you may need a spacer so you can screw it down in place.
www.modularfords.com and you can see what I did to my basket and what I did to make everything work.