I'm a little biased because my 95 came with 5 lug, but I would definitely recommend it. Beside the cosmetic factor, there is also the added strength of the extra lug, although that can be negated with a good aftermarket setup vs a stock 5 lug. Most of the aftermarket brake setups, or factory upgrades are 5 lug, so going that route also gives you more options when looking to increase your stopping ability, especially when going the cheaper route of say going with a Cobra/PBR setup.
The conversion itself can be done for relatively low cost, especially if you piece it together yourself. You can get Ranger axles and drums, retaining the rear drum on the Mustang, and on the front, use 94-95 spindles and brakes. It can be done with Lincoln parts on the front for even cheaper, but then you either have to run wheels with no center cap because of the larger dust cover on the bearings, or remove the dust cover, and risk contaminating your bearings to put the center caps on. The most expensive part of doing the swap really isn't the swap itself, it's getting a new set of wheels and tires.
so the ranger parts would work fine? could you tell me what year of ranger has best parts to use and what a good set up would be for brakes and shocks to run with, on the conversion? As you can tell I am new to this , this is the first mustang I have ever owned and would like to have a really nice ride, but don't know an awfull lot about parts. As in good, better, or best.
i did the 'cosmetic' swap...being the lincoln rotors and ranger axles. I went with the $400 50 resto kit which came with everything i needed including the new gear oil and all the bearings and seals...i wanted it because it was all NEW and togeather....turned out great and i am using rims that the dust cap will fit under well
Not to mention that the install was a breeze