No. The axle housing is wider than 87-93 stock, and the wheels will rub on the inside fender wells. Shorter axles will not fit either, since the axle housing itself is wider.
The 1999-2001 axle will fit into a fox body. It bolts up the same. It is 1-1/2" longer on each side so it pushes 17X8 +30mm offset wheels right out to the quarters edge. It pushes 17X9 +24mm offset wheels past the quarters edge about 21 or 22mm.
The fix is to run 17X9 +45mm offset wheels from 05+ Mustangs. I ordered those wheels from American Muscle. They sit right at the quarter edge and do not rub on the inner frame rail, nor do they hit the quarters edge.
Here are the pics. These are 17X9, +45mm offset and a 285-40-17 Goodyear F1's. A 275 would sit in a little more so keep that in mind.