OK - some quick Google....................
Below is an excerpt from a popular Mustang site's ad for the T56 Magnum. Based on this, I'd say you just need the correct bellhousing.
Tremec T56 Magnum - - With the appropriate QuickTime Bellhousing, this transmission will bolt in behind your 5.0L or 5.8L small block as well as 4.6L or 5.4L modular motors
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