What do I need to do to remove the oil plan to replace the Gasket?
Can I just drop it until it hits the cross member or how ever far it will go, so I can slide in a new gasket?

1995 Ford Mustang GT 5.0

 

Nope... you'll need to disconnect the motor mounts and jack the engine up a bit. You have to clear the oil pump pickup tube and not break the gasket. The tube goes nearly to the bottom of the pan. It can be done with the motor and k-member in the car but it's kinda a bitch.

EDIT: just noticed this is a 5.0L that you're dealing with. I'm pretty sure that the situation remains the same. I think you may have to drop the k-member if you have a double sump pan. Many 5.0L motors did but I don't recall on what cars or if/when they stopped using them on those.

 

I want to say these are what it looks like.
I'm hoping it's just the Oil Pan Gasket that needs to be replaced.



I should be able to put the car on jack stands, then jack the engine up high enough to get the oil pan out?
or do I actually need something that lifts the engine up?
Tools aren't a problem, but a lift and a hoist or whatever else might be.

 

If it's a 2 piece gasket like that then you don't have to worry much at all. Been a loooong time since I messed with the bottom end of a windsor motor though.

5.0 guys, you're on.

 

Your going to have to take out the motor mount bolts and jack the motor up to get the pan off. The K-member is right in the way to get the old gasket off with the oil pickup being in the way.