Lots of people use the original Z bar with a change of the clutch fork mounting point in the old bellhousing and a adapter for clearance. I went with the T5 bellhousing, fork and flywheel converted to a 28 oz imbalance so I could use a modern 10.5 inch diaphragm clutch.
The old drive shaft yoke should fit the T5. Most will but you did not say what it is out of. You will need to verify the free play of the DS AFTER the T5 is mounted. Ideally you need .750 to 1.000 inches of free play. Some people have ran with .500 inches and have not had a problem they say. I had .500 but did not want to chance it. Here is more info on our DS and how we measured:
Drive shaft
Good Luck and BE Safe
Ron
Christophers 66 Mustang Restoration and Modification
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A code 66 coupe
289 4v, Roller Rockers, Electric fan
Performer & 650 Edelbrock
MSD ignition
Tri Y into 2.25 Shelby side exhaust
T5 conversion & Hydraulic clutch
CSRP Discs