If you have the time, try sliding the t-5 into the bellhousing and pilot bushing with the clutch and then observing from below the bellhousing with the cover removed. Some crankshafts have 'deeper' holes for the pilot bushing and then you don't need to do anything, others are more shallow and the end of the input shaft hits bottom before the tranny is fully inserted. Shortening the nipple end of the input shaft is pretty easy- you can use a file or a grinder or a hacksaw or any combination of those! If you cut it, bevel the end a little, like it was before you cut it, it makes it easier to install.
The input shaft end only needs to be modified if the input shaft will not insert all the way into the rear of the crank/pilot bushing. The bearing collar only needs to be cut if the clutch/pressure plate don't have enough travel on the splines when its installed. I think it needs to be able to move 5/16" away from the fly wheel? If you don't have enough travel its because the collar is in the way, so just cut off enough to allow sufficient travel. You can either pull the collar from the tranny and use a hack saw to cut off the 1/2" (or whatever), or do it without removing the collar. It's like cutting a piece of pipe- very easy.
The mounting holes only need to be made slightly bigger if the bolts that fit your bellhousing won't fit through the existing holes. Then you find the right sized drill bit and just run it through the holes, no big deal.
