I have the same exact year and model as you and mine squeaks from time to time. I thougt it was a bearing too. I'm just going to replace it when I get a new clutch
65 Mustang coupe
306 H/C/I, holley 4 barrel, T5, Hurst Shifter, Subframe connectors, 8.8 w/ 3.55 posi, 4 piston front disc brakes, SN95 rear disc brakes, shelby drop, 620 springs, Mideye 4.5 Leaf Springs, bilstein shocks.