You could also use a ZF 5 speed from a 2wd F250/F350...but they are really a "truck" transmission...and like you would expect, they will shift like a truck, not like a sporty car, and they have a very low 1st gear. The M5OD will be a slight improvement.
I don't know if you could even find one of these, but there was a 4 speed manual offered in the early 80's...maybe earlier as well, but not later, that was very high geared and 4th was an overdrive gear. I had one in an '80 F100 behind an inline six. I could do about 30mph in 1st gear! You would want deep-ish gears in your rear axle, possibly 3.73's or 4.10's, for a fun driver. I believe the F100 had a 3.00 gear.
From what I read I think they were referred to as a "Ford Overdrive" transmission, and were supposedly not very strong, but my experience was that it lasted 200k+ easily with a high schooler driving.
For the clutch I guess you should decided if you want to go the cable route, as is used with the T5...as I understand, anyway, or build hydraulic linkage. I am not familiar with the T5 at all but it is very easy to go hydraulic with just about anything that has an external clutch fork.