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Swapping to an 8.8" (the GT rearend) will do nothing for FE, You're way better off sticking with your 7.5" and putting in the 2.73's. This may or may not help though depending on where your power curve is. I would suggest talking to other v6 mustang owners about that before you do the swap. I'm a member at moddedmustangs.com and there are some pretty knowledgable people over there in the V6 section who can probably answer that question. If you do go over there to the V6 section, be patient with your question though, there are a lot of younger kids who like to hear themselves talk in there so you have to sift through their answers.
Red you are correct. All mustangs except the 03-04 Cobras are solid axle rear ends.
I wouldn't tackle a gear swap if this is your first time, personally... Unless you are very confident in your mechanical skills. You're way better off having a shop do the work for you. Also do the math first. Get an idea of how much MPG you can gain by the swap, and then, with the current gas prices, see how long it will take you to recoup the money spent on the swap. It may or may not be worth it, especially since you already have 3.08's. There's not a huge difference between the two. I would also do the same with the driveshaft, you probably won't see much of a gain with it, and they cost a pretty penny.
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