Re: Please help my Foxbody
What you really should do is upgrade to a T5, which I believe is what you are trying to say. You will indeed need the bellhousing. There may be other parts as well, but I'm not totally sure. The good thing is that T5s are everywhere.
It's also a good idea to go ahead upgrade some parts whether they are required or not: a 10.5" clutch, new throw out bearing, a double-hump crossmember off a later model Mustang, new clutch cable, adjustable quadrant, etc.
The other option is to put a Tremec 3550 in there, which uses the same bellhousing bolt pattern as the SROD. So even if you decide to go the cheaper route (T5), you should be able to get a decent chunk of change for your old SROD bellhousing since a lot of people use them for 3550 swaps.