First, just like i thought about my saleen when i bought it. it looks sweet, it's a different breed, limited, but 9 years old. so things will be worn out, break or sound like a gutted pig squealing, maybe on the pig part. When you buy that older of a car, you have to be prepared to change some worn out parts. I've changed out a crap load while i was waiting on my 5.4 intake adapter plates, had nothing better to do.
Well, try the belt spray, sparingly, that's craps not to good for your belts. if that stops the squeal, then i would change the belt out. IF the spray doesn't work, then I would have to say the TOB,throw out bearing. I changed out mine in my 95 GT when i put a new clutch in it. i didn't lube it like a mugg when i installed it and it squealed, all the time, unless i barely touched the clutch. That, you will need to lower your tranny, i would lube the sh*t out of it with grease. If it's not that, then we'll have to think harder about it or hopefully someone will chime in with problems they've had.
The clunk could be something internal with the engine, or it could be something loose underneath your car clunking. I kept hearing something clunk under my car about a week ago, felt under my feet to the right, like the tranny, and i though...oh hell no. new tranny, it would do it when i would shift here and there, but i found out it was my H pipe loose at the driver side header, but the h pipe was tapping my k member where it bolts under the car right beside the h pipe. tighten things and no more clunking sounds.
With older cars you have to be patient or they will make you tear your hair out. Just get your car on a lift or maybe jackstands and look here and there under it, shake your exhuast around or see if it's almost touching something, almost but when your motor moves from the TQ, then it touches.
Good luck on finding the problem and getting it straigten out.
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