I had ground/drilled off the rivet heads and made a piece of steel to cover the same area, made a gasket with some goop and reriveted it back into place. As for the level of oil, you can reuse the same distick. You first have to mount the tube in the cover. Then install origional dipstick and cut off appropriate length, it will hit the pan because it is longer. Then change your oil and filter(pre fill filter), run the engine and check for leaks. Then install the 'new' dipstick and mark the dipstick where the oil level is, then i take it over to the bench mounted grinder and give it a 'snick(technical term) across the mark. Ive done this on my motors and several swapped motors into other cars.
If this seems scary look for or order a dipstick kit(tube and stick) from Ford or auto parts store for a 1979-1984 Mustang 5.0L. Instal new kit, change oil and verify oil level. They roughly have the same oil pan.