The harness will need to be modified to work. Find a wiring diagram on the AODE harness. It has 4 wires total. 2 wires work the reverse light (doesn't matter which way they go on) and 2 wires run the neutral starter safety switch, all you do it jump it together, I just can't remember the color codes at the moment, maybe someone can chime in on that.
As far as the speedo issue, you can swap a tailshaft over but you'll also need the little plastic gear that goes inside the tailshaft as well as the little metal clip that holds it on. Also you'll need to drill a small hole in the tailshaft itself for the clip to set down into, but be warned, that shaft is NOT easy to drill! I ended up using small carbide grinding stones and grinded the hole into the shaft using a dremel. Worked better than drill bits!
You can get the speedo "drive" gear from any Mustang supply warehouse as well as the Ford dealer. You can get the little metal clip from Ford too but they usually have to order it so order it in advance to your project.