If you plan on using this combination for your conversion you will need a 1/4 inch thick plate to fill the gap between the trans and the T/C due to the thick bearing retainer housing on the T/C and the bolt heads protruding out of it. I had this one made for $30.00. Others have machined the bearing housing and recessed the bolts, but unless you have those skills and machinery, that's a more difficult option than using the spacer. Of course the bolts must be 1/4 inch longer because of the spacer. There is a possibility that only certain M5ODR2 trans have this issue--mine came from a 5.0 F-150. I can only tell you about my experience with this combo. I have to do a test fit yet to see if the bolt heads still stick out too far.
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