Hmm Arlie, the beast has a 325 rear end. I was thinking it had a close ratio top loader as I can go through the gears very quickly. It seams like 1st gear takes a lot of clutch slide to engage. BUt after I am in first its easy squzzey. The wife has commented in the past about how fast I shift though the gears.
IIRC from last summer, before it started to rain!!!!!!!! and has not stopped and I we were driving to Robs Brisket GT/CS BBQ, at 60 MPH I was turning 3K plus RPMs. It was a little too much RPMs IMO for a cruise RPM. But that was last year and the IIRC does not always work so well.
Jbart close ratio is a hoot to drive around town, If you are crusiing the hiway, I would go with the wide ratio.
I won't swear to this but I think the "5" transmission code on the data plate was for the wide-ratio toploader, and that was the only one offered on '68 Mustangs.
The close ratio transmissions didn't come out until 1969.
Have a '68 390 with VIN stamped toploader. RUG-AD. Per Kee, close ratio.
Kee lists a number of close ratio toploaders prior to '69, back to '64.
http://www.davidkeetoploaders.com/idchart1.htm
???
Mustangs by the Numbers does not list a code 6 transmission in 1968.