Damn, that's bitchin', Brown_Muscle!!! We'll have to arrange a meet-up at Rockingham when we get our respective 351W builds done (mine Edelbrock RPM...
I'm not an expert at Ford units, but I don't think new clutches is a huge job. Do some googling, there are probably some tricks for tightening it up...
If it's a clutch-type rear end, then that's pretty normal if one tire has excellent traction, and the other has zero, provided the vehicle is moving...