I've been running the McCleod T/O bearing for 8 years now in my 89 Ranger with a Toploader 4 speed. Went thru hell at first with the old banjo fittings they used back then. Been relaible as hell since I reengineered the fittings. Just don't over extend it under pressure or it'll bust the o rings. Did that once and sent it back to McCleod. They rebuilt it for little of nothing. One other word of advice though regarding the master cylinder. You WILL want to reinforce the firewall area where you mount the master cylinder. That was another of my experiences with the setup. Foot thru the firewall.
Oh, and if you do decide to go this route, run a longer hose on the bleeder line up to the back of the intake. It'll just make life easier when you need to bleed the lines. That can be a chore with the stock Ford master cylinder.