I used the ford tool when removing the pilot bearing in my step dad's stang. I replaced the clutch disc, pressure plate and throwout bearing as well since it was apart. The thing that pissed me off with the tool is that there is a thin metal ring around the inside (i really dont know what its called), but I ended up just pulling pieces of that metal out at a time before I could get a good grip on the hard bearing itself. The whole process was a pain, but it did work eventually.
Also, per the ford manual, you are NOT supposed to lube the new bearing when you install it. They are pre-lubed from the factory.