Are you sure it's a ZF5 transmission? A 1992 F150 with a 302 would have had the lighter duty M5OD-R2 transmission...used in half tons and light duty 3/4 tons.
Although there has been talk/comments that the ZF5 was offered in F150's, I have never actually seen one, nor has anyone else that I know of.
Just want to make sure that you have the right transmission is all.
And yes if you have a hydraulic clutch now you can re-use your existing Bullnose master cylinder and simply buy the 1992 version of the hydraulic line and slave cylinder.
Hmmm, Cory... look at our post times. Great minds thinking alike?