Ford never made the T5 for a 4x4 so that will be an issue, and you wouldn't want to use a V8 engines power with your BW1350 transfer case in any case.
I think advanced adapters did make an adapter at one time, but it would be discontinued by now, may find one on Ebay
I was assuming 2WD since you are using Mustang stuff.
You will need new drive shafts, both front and rear, and most likely different trans with transfer case, M5OD-R2 with transfer case from a 1997 and up F-150 with 4.2L V6 is popular, the Modular 4.2l V6 has same bolt pattern as 302/5.0l
1985-1993 Ford Mustang Convertible 5.0L engine mounts will work with Ranger, but reverse Left and Right, must be Convertible mounts, hard top won't work.
There are only 3 wires that go from engine to dash
These Ranger wires can be used on the V8.
You biggest issue will be trans/transfer case
4WD transmissions have short tail shafts and housing so they can bolt to a transfer case, manual or automatic.
2WD have longer tail shafts and housing that can accept a drive shaft, on some manuals you can swap the tail shafts and housings, but since T5 was never used with 4WD there wouldn't be a 4WD version to swap to.
And the 2.9l transmission won't bolt to a 302/5.0l and you would blow trans even if it could.
You should also change the rear axle, you probably have a 7.5" axle, 8.8" would handle the power better, front axle is usually OK since it only gets 1/2 the power and torque when used, rear gets it all with transfer case in 2WD
And there really is no point in putting in a V8 if you are NOT going to use the power, lol.
Last edited by RonD; 09-18-2016 at 06:23 PM.