It has been done before, but a Bronco and a late model Mustang are very different. Mustang has seperate turn signals and brake lights, bronco they are intigrated. What is your plan to wire a turn signal switch?
Also you are going to have to cut out half of the Mustang harness. Are you running a rear window defroster? might as well pull those wires.
Then you are left with the issue that almost every eletrical plug has changed between '75 and '88. So nothing will plug in.
On top of all that there are so many things that have different locations. Headlight switch on a mustang is on the left of the dash, bronco on the right.
Ignition, column vs dash
High beam, turn signal switch vs floor
Wiper motor, under hood vs on top of windshield
The list goes on. Not big stuff, just all the little stuff that adds up.
By the time you swaped the harness, then altered it to fit the Bronco you would probably wind up with a bigger rats nest of wiring that no one would ever have a chance of later figuring out. thought your wiring was bad now, just wait.