Do you have a distributor?
If so, then get the crankshaft and cam timing set at TDC, then reset the disrtibutor to the plugwire terminal at the terminal before Nr 1 plugwire. This will get you in the ballpark. I think you can "rent" a timing light at most auto parts places.
Timing should be set at 10* BTDC.
Oh, and once you have the new belt on and in place, rotate the engine by ratchet on the crank 2 full revolutions and then recheck the alignment again. Take the plugs out to help it turn over easily, and turn it in the clockwise direction (while facing engine).
If you go over to
Mustang SVO Website Sponsored by the SVO Club of America and go into the forums, you will see a cool sticky on a belt replacement in the ENGINE and DRIVETRAIN section.