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yes and no. some misc stuff will have to be retained, but get a truck trans, a 5.4L trans from 2001 to newer will have what you need.
96-98 Mustang GT engines are weak, 99-04 is what you want.
Shoot, I meant to ask if a 2006 Mustang GT motor and trans would go in the 97 or 98 F-150.