I had my transmission dropped to change the torque converter and opened the tyranny pan to change the filter and this was on magnet does anyone know what this could be

 

you’re a long way from home

 

Hi Lizzyque
It is a "band strut adjust side tool" Going by the pdf link below on page 31. If you look at the diagram on this page it explains the use of this and also shows the "band strut servo side" tool. I have no knowledge of transmissions (other than fluid change). It looks like it is meant to be for adjusting the bands but has fallen out of position and the magnet has thankfully caught it. At least I think it is a special tool for adjustment to the bands. Someone with knowledge of transmissions may post more about this.

The S Type box is similar but you should go to the Mustang Forum.

Have a good look at the diagram and see what you think.
https://dokumen.tips/reader/f/ford-m...ogs5r55spdfpdf