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I have a 5.0 with factory FI and an AOD that came directly out of a '93 Mustang in my '54 Customline. The stock Mustang rear gear was 3.27. My stock '54 rear gear is 3.31. Almost exactly the same. In addition, there's about a 50lb weight difference between the Mustang and my '54.
The weight of your Edsel is probably 700-800 lbs more than my '54. I would surmise a 3.50 gear would do well in your situation.