You can use a '51 Mercury bellhousing if you want to use the shaft and then a small adapter/spacer to a TKO/TKX/T5. Modern Driveline and Wilcap have them. Here are other's: https://www.moderndriveline.com/product-category/adapters/ford-transmission-adapters/flathead/ https://www.speedwaymotors.com/Trem...-Ford-Flathead-Engine-Conversion-,107160.html
or Quick Time RM-8059 Quick Time Bellhousing - Ford Flathead (holley.com) 1000 bucks, but you can use a ford t5? mustang t5 shifter still be ok in a 35-40 ford?