There was some boat that came with a 5.8 just like the 1st gen Lightning. It had an iron gt40 lower. Boat makers like iron. It's cheap. It'll take massive abuse. And boats have plenty of reserve flotation so the weight doesn't really matter.
Agree with Illusivefox, it's most liekly iron, but if you check it out and it's aluminum you could use it. Actually you can use it either way but why bother bolting a heavy iron pig intake on a Mustang? The short answer is yes it'll bolt right onto a passenger vehicle 351W.