An 8 lug 14 bolt full floater out of a cab & chassis 1 ton is an almost direct bolt-in. If you can find one with a gear ratio somewhere in the 3.70:1 range, you should be able to smoke a tire occasionally and still keep up with traffic. If you use a non-locking differential, lighting up one tire won't be a problem at all. The T-5 won't like it, however- - - -it's not torque-friendly and if you encounter a sticky spot with good traction during your burnout you'll be sending the transmission to the dentist to get some tooth implants!
Jerry