YES, you can use a 5.0 bellhousing and a 2.3 T-5 for now. I pounded my friends 88LX at the track to a 13.68 with slicks and stock gears still with one!
You need this....
http://shop.advanceautoparts.com/webapp/wcs/stores/servlet/product_Bearing-National_12025078-P_957_R|GRP60002_1229842362___