first, did you see our how to?
http://www.fordmuscle.com/archives/2001/03/t5swap/index.shtml

Secondly, cost depends on what you buy used and what you get new. for example, a new T5 is about $1100, but find a used one for under $500 typically.

Anyway plan to spend about $1500 on parts. Labor is hard to say because unless you get a shop that knows mustangs well, they will likely charge you some overblown rate because they have no idea how to do the swap.

 

That would be a very tough job to farm out. I suggest using the FM article mentioned as a starting point and going at it yourself. It's really not all that hard. Even I managed to do this swap recently (actually a C4 to a T5). I should say it's not technically difficult. Set aside some time and do it yourself, and bribe a buddy to help. Good luck.

 

I just completed the swap, but I haven't started the car or tested it out yet. But the hardest part is the pedals by far. I removed the steering column, and there was TONS of room to install the pedals, we did this after about 4 hours of trying to get the pedals in with the column dropped. Just remove it and it's MUCH easier. After you drop it, it's only one bolt and it's out.

Second, make sure you know how to do a clutch job, and you put everything together right. I did it all from using the article here. I also had to trim my floor board just a hair to access all the shifter bolts, but no big deal.

Go for it and let us know how you do.

 

Thanks for all the responses. I've decided to go with the T-5 and do it myself. Now I'm trying to decide whether it's worth getting a new one or just finding a good low mileage one. I'll update the post as I go.