You can expect major damage inside that trans, although the bearings will be cooked, it is more likely that the gears have severe heat damage to them, and that is why the trans wont spin.
As far as installing it in a Mustang, its put together entirely wrong. Its case is designed to be mounter on an angle( tilted towards the driver), and the shifter location is wrong.
Best bet would be to see if its repairable at a reasonable cost, then trade it for the correct trans
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Ban low performance Drivers,
Not High Performance Cars
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