T5 with hydraulic bellhousing is NOT a direct swap in a Gen 1
Just a FYI, I'm about 80% of the way through a T5 swap in my '83 longbed. My truck was stock with the TK4 and I had upgraded to the TK5, which recently began grinding a little in first and reverse.
I pulled my T5 from a 1987 Turbo Coupe and got the bellhousing, slave, mounts, pretty much everything except the front yoke from the driveshaft. I picked up one of those from a 4-cylinder Mustang with a T5 - and it's lucky I did.
The good - the flywheel is the same, the starter works, the '83 hydraulic slave cylinder from the truck is the same part number as the one for the '87 Turbo Coupe. Stock replacement clutch kit for a TC was $92 new (needed due to different spline count).
The not so good - the T5 is 3/4" longer from the face of the bellhousing to the back of the case than the TK5. This might not be a big deal except that the nose of the front yoke from the Mustang with T5 is substantially longer than the one from the Ranger with TK4/TK5. I have another shaft from a M5R1 equipped Ranger and it also has the short nose on the front yoke. I don't feel like there is enough clearance to allow for driveshaft motion due to heavy loads or large bumps. If there isn't enough travel, the large balance ring on the front yoke could contact the tailhousing of the T5, which might be quite bad at speed.
The M5R1 and TK5 front yokes will not slide onto the output shaft of the T5. The diameter of the T5 output shaft is larger.
The stock '83 Ranger crossmember will need some modification to work with the TC tranny mount and the T5 mounting plate. The crossmember is too close to the bottom of the cab by 3/4" to 1". This will require fab work and welding. I'll post pix when I make the modifications.
Obviously the floor pan needs to be modified as well. The shifter is not 9" further back on the T5 compared to the TK5. It's about 3.5" further back. I made a metal plate out of the top cover of a server <lol>, cut out the floor pan, and used my flanging tool to create a lip. Going to get some peel and seal from Home Depot to line the bottom of the plate with.
The TC inner shifter boot does not work well in the Ranger. The one from the TK5 is a much better match.
The shifter handle from the TC needs to be straightened as it nearly hits the driver's bucket seat in 2nd gear if it is not reversed.
I'll talk with a driveshaft shop in the next couple days to see about shortening one of my two shafts.