There are 2 pumps. One is a low pressure pump that is in the tank. The other is a high pressure pump that is mounted back by the pass. side frame rail, and it hidden under a cover.
Which one is bad is a mystery. Pull the line off of the HP pump and have a buddy turn the key on. If it pumps fuel, the LP pump is fine. If not you found the problem.
It's customary to just replace both of them. It is a similar setup to my old '84 SVO. Just get another fuel filter, remove the stock HP pump on the frame rail and install the extra fuel filter. You will now have 2 filters. Then, drop the tank. Yank out the old LP pump. You will want to pick up a fuel pump bracket hanger from a later-model Mustang ('86 and later). Get a walbro pump, install it on the late model hanger, and drop it into the tank. You will also have to remove the resistance wire under the trunk or hatch. You will find the wire that goes to the pump...it will be small, then get bigger, then get smaller again...where it increases in size is where the resistor wire is...cut it out and install a regular piece of wire and you're set.
The Walbro's come in different sizes too...the 255 LPH pump is what I used on my SVO...and made a world of difference in how it ran under boost, especially when I had the boost turned up. It wasn't stock...but the stock pumps "should" have been able to keep up. The didn't. As soon as I put in the 255LPH Walbro, it was a different car, literally.