As far as I know the T5 lump has not been dropped into a 360 as yet (to use a 340 you would have to fit 360 running gear). There is a conversion plate available for the swap as teh bellhosing is teh same as 240,s 740,s etc Personaly I would keep on the tried and tested mothod of using teh 740/760 2.3 turbo lump. The old red block will make more power and is fairly simple to drop in. As to the rear diff if you want to drift then all the drifers just weld up the diff. Far a rally car then a lsd would have to made to fit.