What's the difference?

Gearbanger 101 said:
T-5 was used on the old 5.0L OHV engine up until '95. The T-45 was used on the 4.6L blocks up until about 2001 I believe, until they went to the T-3650 Trans.

Your '98 has a T-45
Correct, they switched to the t3650 in mid 2001.
 
About 1998, Tremec bought the T5 product line from Borg Warner and have produced the T5 used ever since. Note that the transmission is the same although the case stamp will say Tremec or Borg Warner depending on who manufactured it.
 
T-45 is supposed to have a higher torque capacity than the T-5. I've also read in several places that the T-45 has an integral bellhousing so you can only use it with a mod motor, but the one I have here sure looks like it has a bolt-on bellhousing.

Anybody know anything about this?