A lot of those early manual trans 5.0 cars has 2.73 gears, 3.08 if you were lucky. The 4.6 cars had 3.27 but didn't have the low end torque of the 5.0 but they would spin higher. There are exceptions to special cars like the Mach 1, some Cobra's and auto cars.
I had a 92' GT withe 3.08 and a 3550 with a 3.27 1st and it was a good match, mainly because the 3550 was designed to replace the Mustang T5 and was used in the 1995 Cobra R.