He already owns a bellhousing, clutch, clutch linkage, and slip yoke. Why should he replace them?
Good point, you can use an adapter plate on the existing 3 spd. bell housing, but the adapter plates are almost $200.00...a T5 bell housing in my parts search was less expensive. You can re-use the 3 spd 3 finger style 10" clutch and clutch linkage, but if you're buying a used car (as the OP stated he was looking to do) and don't have any history on the clutch, not sure I'd do all the work and not swap the clutch. You should also swap out the pilot bearing...which means the whole set-up has to come apart anyway. I also assume that if you do this swap, you're modifying for performance, and re-using those parts may or may not give you the desired results, especially using the original linkage. And if you are going for more performance, you probably want more clutch, so if you use a T5 housing you can go to a 10.5" clutch as well.
I bought my T5 set-up used, and if you search Craigslist, you can buy the whole package for a pretty reasonable price point. This could be a nice deal here, for example, as it also includes the classic mustang cross member, in addition to the bell housing, flywheel and clutch:
https://detroit.craigslist.org/wyn/pts/d/world-class-t5-trans-plus/6329147104.html
The flywheel in the above ad is probably a 50 oz, so you'd need to buy a 28 oz. for a 10.5" from Modern Driveline or similar source if sticking with the original 289. Do that and a cable clutch set-up and you've got a full conversion that gives you two extra cogs and better clutch feel, easier adjustment over time, etc.
Side note: I was surprised that my original 3 spd transmission, clutch and bell housing was actually in demand - it sold easily on craigslist as a package, and partially off-set the cost of the T5 conversion.
-- Mike