FWIIW, it's easy. Just drain the oil and coolant. Remove the oil filter. Disconnect the oil sending electrical connector. Remove the bolts. If you have an oil cooler, it will be necessary to separate the two halves.
If you still need more information, the Ford service DVD is for you. If interested in getting a copy for yourself I maybe able to help. PM if interested.
No you don't need to drain the coolant if you don't care about making a mess. But the coolant will run out anyway when the adapter is removed. However, now there's a greater chance that the coolant will get into the oil.
There are conflicting reports on this between the 2V & 4V motors. From what Ive been told the 2V motors do not have an external oil cooler where the 4V does. I am going to drain the coolant reguardless. Im not taking the chance. Ill report back once its done for others to fall back on.
Note, for those of you with a Mustang oil cooler, if you look at it CLOSELY you will discover that the oil cooler is actually a part bolted onto the oil filter adapter. Sooooooo when the large Allen bolt through the center is removed, what remains is a similar oil filter adapter that is on every Romeo block (no coolant hose nipple).
Note, for the external oil filter adapter it's necessary to separate the two halves (remove the large Allen bolt) to get access to bolts that hold the block to oil adapter on.
If trying to be technically correct, some 2V motor did come with an external oil cooler. My 96 GT had one. Later MY 2V GT Mustangs did not have an oil cooler.
But in terms of replacing the oil filter adapter block gasket, the procedure is mostly the same. If your motor has an oil cooler, then separate the halves by removing the Allen bolt. Then proceed as normal.
This is fact. Although my '01 does not have an external oil cooler, the oil filter adapter bracket DOES house both the oil feed & return lines as well as the feed to the bottom radiator hose back to the radiator. I did drain the coolant from the rad drain on the right front bottom as well as remove the lower rad hose from the radiator itself. Although there was an additional drain port just below the adapter bracket on the block that could be used, a small amount of coolant escaped when I removed the bracket itself. Not a huge mess. Upon inspection of the surfaces I noticed some mild corrosion into the bracket housing itself. I think due to the collant pooling up at the gasket, it ate away some of the material of the bracket. I am in the process of filling the voids with JB Weld, letting it dry & sanding to flush. I am planning on using the stock replacement gasket (FelPro $15) from any auto parts store, but I did pickup & custom cut a couple extra rubberized paper gasket material gaskets as a backup if this fails, with some copper spray gasket to seal it up. Not planning on doing this twice, but we'll see how it goes.