The mutang too 4-lug must have the same backing plate pattern/bearing size as the 5-lug mav,I know a guy who changed his m2 over to 5-lug,he says all he did was put in a set of 5-lug axles/big brakes...from a '59 Galaxie.He said he didn't have to mod the housing any so I'm assuming it was all bolt on.
I haven't thought too much about this, but we were looking at a Mustang II on eBay a while back, sent and recieved several emails from the seller. He had converted it to a five lug, and he said all that he did was swap axles on the rear and put on a set of street rod style 5 lug rotors on the front. At that time, I didn't think about asking him what axles he used. My wife was wanting one because that was her first car, a 76 Mustang II coupe....