t-5 questions

The 94-95 t5 is longer and people do run without the pilot spacer but it is still slightly too short for the mII bell. You also want a lighter flywheel? If you are not using headers just use the whole 94 setup with larger flywheel and many choices. I have heard people getting headers around the larger bellhousing with a big hammer.

http://www.mustangevolution.com/forum/t24021/
this tells you the different diameters.

All of the MII flywheels are a bit chunky! Even the 2.3L flywheel.

Don't forget the balance difference between the '78 302 (28.5 oz.) and the late-model 5.0 (50 oz.). Any swapping of flywheel or flexplate between the two has to take this into account.

Rebalancing a flexplate is really easy as the weight is just spot welded on and so can be cut loose and moved. I don't think that I've heard anyone rebalance a late-model flywheel for use with a 302, but it can be done. That said, any early 10.5" diameter, 28.5 oz balance 302 flywheel should fit your MII 302 with a late-model bellhousing. Just use the correct clutch for the flywheel. You should also double check ring gear/starter spacing.

Personally I would have the pilot bushing spacer made if I was doing this swap. The machine work is minimal and any shop with a lathe and a press can do it cheaply. Just use Darryl's measurements from here: http://www.mustangii.net/t5swap.asp

I wonder if the early Mustang T-5 shift handle that some of the swap people sell would be helpful in a MII to clear the dash. It has a much more bent handle than the Fox T-5 shifter handles.