You need different caliper brackets to use the SVT rotors. It is a worthy upgrade. The brackets you need to use the SVT rotors with your calipers are the late SVT brackets which are also the same brackets used on most 99 and later Cougars. Try a wrecking yard for the brackets. I have heard of them going for as little as $35.00 US from the wreckers, but from the dealer they are aroung $175.00 US.
As far as I know, the SVT brakes will fit under any factory 15" wheel. Your spare will not fit over them though, so in case of a front flat you will need to put the spare on the rear and move the rear forward. You could also snag the spare from the appropriate Cougar at the wrecking yard where you find the calipers.
No other modifications are needed.