1. Drain cooling system.
2. Disconnect neg. battery cable.
3. Remove power steering belt.
4. If equipped with A/C, remove the idler pulley bracket and A/C belt.
5. On engines with thermactor air pump remove belt.
6. Disconnect the lower radiator hose and heater hose from water pump.
7. Remove the retaining screws and position the fan shroud rearward.
8. Remove fan, fan clutch and spacer from engine.
9. Remove the pulley attaching bolts, and pulley from the water pump hub.
10. On the 4-140 engine, remove the cam belt outer cover.
11. On vehicles equipped with the water pump mounted alternator, loosen the alternator mounting bolts, remove alternator belt and remove alternator adjusting arm bracket from water pump. If interference is encountered, remove air pump pulley and pivot bolts. Remove air pump adjusting bracket. Swing the upper bracket aside. Detach the A/C compressor and lay aside. Do not disconnect A/C lines. Remove any accessory mounting brackets from water pump.
12. Loosen the bypass hose at the water pump if equipped.
13. Remove the water pump retaining bolts and remove water pump from engine.
After removing the drive belt, loosen the water pump pulley's bolts.
Remove the pulley attaching bolts.
Remove spacer if equipped
Loosen hose clamp and remove lower hose
Inspect hose replace if needed
Loosen and remove water pump bolts
Remove water pump
Sorry, photo's from 4cylinder it's the only photo's I have but should give you a good ideal. If I find 8cylinder photos I will post them later. Hope this help's. Fairracing31
A 5.0L is a 302, 5.8L is a 351. I believe your Mustang is a 5.0L