so I have the prototype painless system. It is setup for the 98 and up connectors.
They chose not to use the sensor over the transmission. Rather they modded the distributer to have a shutter wheel to pick that up.
They also use a bunch of chevy sensors and spark controler.

The 94 era magnums are apparently easier to use for a direct swap. Wedgeman did it and a couple of others. by 97 you are into odbII instead of odbI.

There is a thread around where we are tossing around the mustang maf system swaping it over to run the magnum, but it requried a few distributer mods.