Thanks to you all. In the mean time I talked to an "expert" at REMCO that took enought time to explain the issues to me. I will reviews these for all.
1. T-bird is all - wheel ind suspension, rear wheel drive
2. Drive shaft disconnect: Sure it's possible, it just won't fit! unit is about 5" in dia X 5" long and is welded to a 5" shortened drive shaft at the back end. It has a manual sliding sleve to connect splines that couple/decouple drive shaft. The problem is the distance from the drive shaft to the rear floor pan is to small to put this in. I would have to cut out a section and weld in a sheet metal "hump" to give it the access it needs
3. I thought about welding it on the front end of the drive shaft, but the I would be spinning the whole drive shaft instead of the rear u-joint. (might just be too much torque for the unit).
4. Trans Pump. Ford has valves in the transmission (front and rear drives) that prevent using any kind of external pump, othewise it could work.
5. Axle lock: Could be used for rear axle since it it also a CV joint type like front drives. Would probably have to be machined to fit new diameters, otherwise it would be ok. By the way these only unlock one side (passenger) so the "free wheeling" you get is the affect you see with the car on jacks, turn one wheel forward, the other go backward. So I would be spinning my spider gears all those towing miles. I don't think that the bearing would be rated for that since they normally dont turn while going straight.
6. Sorry for the long winded reply, but I think that I am going to cut out an access panel and just use the drive shaft disconnet. TXN Caseyjay