Some parts definitely get new. Pilot bearing, clutch, pressure plate, cable. But stuff like the bellhousing new wont be any better than an old bellhousing. Not to mention you cant get a new bellhousing from Ford anymore. Or the transmission wiring harness. The tranny. Well some people prefer new. I got a used T5 with low miles and Im just going to rebuild it. Its easy enough. Any 94 or 95 spec tranny will just be a reman anyways which is rebuilt internally and painted to look nice. If youre shooting for a Tremec or TKO then thats another story. What is your budget for this?
The parts for the swap will include (and if I forget any Im sure someone will chime in)
T5 (preferably 94/95 though Fox body ones can be used with a fox bellhousing)
Bellhousing (applicable to the year of the tranny)
Block plate
Pedal assembly (94/95)
Clutch quadrant (you could be lucky like me and get an aftermarket quadrant with the pedal assembly)
Clutch cable (stock Ford ones are generally the strongest though theyre getting harder to find and the price has went way up. Maximum motorsports cables are generally perceived as good alternatives)
Clutch fork (year applicable)
Clutch fork pivot stud (again you may be lucky and score one in the bellhosuing but if its worn theyre cheap enough to replace
Clutch, pressure plate, throwout bearing (personal preference, usually picked up as a kit, definitely dont go used. Kits also include the alignment tool normally)
Flywheel (Id go new but a used can be resurfaced. Youll need one from an 86 - 95 V8 stang, 50 oz imbalance I believe)
Transmission wiring harness (Extremely hard to find as they were only made two years from Ford. I bought three when I had the chance because I got them dirt cheap. If you need one let me know. Ebay is another place to check)
PCM (94/95 code Tm40 - This seems to be a much argued point as you can use the automatic PCM but the engine will hesitate when it senses their should be an auto shift occuring. Can be tuned out with a TwEECer etc.)
Shifter (applicable to tranny. Choices are limitless)
Shifter console trim with upper shift boot (Scored mine from corral.net . Ebays a good option also. 94 - 04 are the same though the 99 and up are charcoal instead of true black)
Lower shift boot (keeps nosie down and prevents stray rocks and dirt from getting up toward the shifter)
Hmm, Im probably forgetting something but these are the core components.