'84 BII should be a 2.8L.
But yeah, a 2.9L or 4.0L M5OD should fit the 2.8. I'm not real sure, but there may be a difference in the clutch slave setups though. If you have an external slave, you might need to convert to the later concentric slave & TO bearing, but I don't know 1st-hand (maybe someone else can chime in on that).
They're both good transmissions. Unfortunately, the TK5 is now obsolete, so it makes more sense to replace it with the M5OD. If it's a 2wd the Tremec T5 may also be an option, if I'm not mistaken they were 5 speed manual used behind the 4.0L in Mustangs.
Thanks Josh. I figured my transmission was outdated but I really don't want to figure out how to swap in a different one. My TK-5 whines in overdrive so I'm sure its on its way out. I'm just going to drive it till it dies then figure out what to do.
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