I'm not sure about the 93 but I don't see why you couldn't do it. I'll bet you may have to do some work on the front engine accessories and the cold side.
I've been considering a similar build and have been looking for a mint low mile 86 T-bird. I just missed one here in AZ w 40k miles on it. From my research it looks like you'll have to modify the cold side a little. The 5.0's in these cars are lopo, around 150-170 hp iirc. I am planning on fly cutting the pistons, installing cheap alum heads (Gt40y, x or used ede's) a stock mustang HO cam, and Exploder intake. I would also delete the facotry ECU and run a megasquirt.
A 500 rwhp 86 T bird would surprise a few people.
Good luck with your build.
92 Hatch On3 Turbo, T56
92 Vert 349 Lunati Stroker T5
87 Gt Eddy HCI T5
87 Notch in progress