The Flaming River rack will work, I'd go to a bone yard and look for a manual rack first (from an early fox body or ???). Why spend the money for a new copy of a pinto rack ($150 to save 10lb.)? I havent taken mine off yet but I'm planing to, probably lose ~50lb and get back some HP. the A/C comes off this weekend, the belts been off for about a year now.
Course it would work. hell, i have a 2.3L steering rack in my 5.0 right now.
I need to get it out ASAP too because i plan on autocrossing. 5.0 racks are 2.5 turns lock to lock while 2.3's are 3 turns. I feel like i am gonna saw through my thigh when i start cranking the wheel left and right when driving "spirited"