I have found a t-5 out of a 83 mustang svo(5.0). Is that a good one for conversion. Alos, my 68 has the floor console. Will the shifter come out in the correct place. Thanks  

As far as I know BBell, there was no V8 SVO in 1983. The SVO was a 2.3 liter intercooled turbo model and I believe it did have a t-5. You want first a T-5 from a V8 and secondly you would prefer a "world class" T-5 which wasnt put into Mustangs until 1985. There were continuous upgrades in the trans until its present incarnation the T5Z or the cobra spec trans. ideally you could find one in a 1993 cobra mustang, but there are plenty of them around and for decent prices.
The T-5 will come up in the same hole in your 68 mustang although it might require a small amount of trimmming to make sure the larger shifter and boot flange clear the trans tunnel opening.  

I believe there is also a conversion kit that needs to be added so that the drive shaft is the right length but as stated above it should come up in about the same hole as before. Tell me how it goes I plan on doing this to mine sometime in the future.