TPMS was optional until 2008, so if you stick before those years it shouldn't be an issue. You can always remove it and I think you'll wind up with a plain wheel, I think.

There are probably a ton of threads on this topic, search for stuff by AndyF, he's done a lot of his work towards B-body platforms. I'm an A-body guy (and C-body guy), but I think I remember that the B-bodies like about 4.5" backspace, so a spacer may be needed to be optimal. The backspace on the 94-04's is about 5.7", so you're looking at a 1" spacer. You'll likely need a spacer to work with the smaller Mustang center bore, too. The later model wheels seem to have a bit more BS, so something to consider. Once you add the cost of spacers on top of wheels, it almost makes sense to get wheels that have the right offset from the start. If you hit ePay, you can find a range of new wheels that aren't bad looking and close on BS for maybe $100/ea.

FWIW, in your shoes, you may also want to look at some Jeep wheels. They have the right center bore to start with (pretty sure here), aren't quite as big on offset, and aren't bad looking. I think the Liberty is the place to start checking dimensions - the GC's changed bolt patterns at some point, I think.

Clair