Thunderbird t5 in 65 289 (bored and wana wrench)

Ok please forgive me for my ignorance, but will this combo work. I'm doing some research and I have found a few of these trannys locally for $250-450. That about $400 cheaper than I'm finding 5.0 T5s. I'm on a butget and my 289 isnt super powerful (see sig) all I'm gonna add anytime soon is headers and dual pipes. I just want a 5 speed for my daily driving for a year or two, till I start the major resto w/ a 351 and 5.0 T5, paint.ect.
Basicly Im bored and want a 5speed and I can get away with alittle toy spending with the wife but not much. I would love to hear opinions, and thoughts. Thanks
 
T5 from T-bird? Is that the 4 cylinder Turbo Coupe? If so, the trans has a 3.97 first gear and a 260 ft lb torque rating. The pilot shat is smaller than the one for an 8 cylinder T5 & supposedly uses a Ford Ranger Diesel pilot bearing from AutoZone, part #14672
 
Yea, I'm talking about the T5 from a Thunderbird turbo. Will same 3/4" adapter for the early model bellhousing work. I assume you used a early model bellhousing, right. If anybody has a parts list, I would be greatful, thanks.

Also considering the 4 banger t5, and write ups tips, or hows 2s on either swap would be great! Thanks.