Thats good to know, thanks. So, A T-56 would work? And be an upgrade? I'm planning on looking around at some Salvage yards to find one, hoping to get a decent deal.
A T56 would work, but like Popeye pointed out with regards to the different T45's out there, you have to be careful about which T56 you choose.
Your '97 can only use a T56 that came out of a '96 and newer mustang (without modifying your car) as the 4.6 motor is not compatable with the 5.0 motor and tranny combos.
The T56 model TUET 1259 would work as it has a mechanical speedo output to run your gauges BUT it was from a Cobra and the mount pad for the transmission mount is in a different location than the GT models. You will need to modify your cross member. The T56 is only rated at 425ft/lbs where your T45 is rated at 325ft/lbs so it is a LITTLE stronger but not much.
The '03 Cobra Terminator came standard 6 speed but it is electronic speedometer and the chances of you finding one of those in a junk yard would be pure luck. :hihi:
Now, to the root of your problem.....Your 5th/reverse shift fork broke. The part to fix it is less than $75. If you can pull the transmission and do it yourself, you'll be on the road for under $100. If you cannot replace the shift fork yourself, it would be alot cheaper on your wallet to remove the transmission on your own, and take it to a transmission shop. They get BIG $$$$ money to remove and re-install a transmission into a car. If you do that part yourself, you can save a ton of money.
If you just want to replace the T45 with another, better, stronger T45, shoot me a PM.
Tremec TKO, T45 & T56 Transmission Systems