Welcome to TRS
Good page to Bookmark here:
https://www.therangerstation.com/tech_library/index.shtml
Look in the Engine section or Conversion section for V8 swap information, been done alot
The T5s are fine to use, but a T5 truck shifter comes up farther forward on Ranger, and the T5 from car(Mustang) comes up farther back
So you will need to cut open the floor a bit for either, and bend the shifter arm a bit for clearance
The M5OD-R2(M5R2) transmission from a 1996 to 2003 2wd F-150 with 4.2l V6 will have same shifter placement as the M5R1 that came in Rangers
The newer 4.2l V6 has the same bellhousing pattern as the 302/5.0l, you will need to drill out the 6 holes an 1/8" as they are metric size and the 302 used SAE, not a big deal just a heads up
The M5R2 is the bigger version of the M5R1, made for V8 power, and a good transmission, like the M5R1