I must be missing some parts in the spare tire assembly as the bolt holding the tire down came through the cover. My thought would be to take the spare tire out and lay in a storage box/cylinder to put stuff in like a Tire Fix It kit, cleaning supplies, etc.

Have not found anything googling or at any of the Mustang suppliers. Anyone ever see or have something like this?

 

You might try looking at the trunk well of a 06 up Lincoln MKZ or MKS or Dodge Intrepid/Chrysler 300 (2000-04)., They have a made up ring that might work for your cause. I have both and think the Dodge one is the better. The Lincoln ones have a place for the handle and jack as well as a place for the spare tire inflator bottle. The Dodge is round with the center basically open for storing junk inside. Maybe that will help you find what you are looking for.

 

I made a simple brace kind of u shaped to hold the spare tire cover up in place.
some double sided tape to hold it in place.

 

I've been thinking of removing my spare for weight. I have AAA so I don't technically need the spare. Should I?

 

I think the spare and jack are about 30 pounds if I remember correctly. It might make a hair of a difference in your MPG's. If you drive in a lot of open areas where it might take AAA a while to get out to you, I would keep the spare.

 

I took the spare out for now. The hole is there so I ordered a trunk cover mat to go over the factory carpeting.

Did purchase a Tire Fix It Kit for an emergency. I was not really looking to save weight but to find a storage solution. The area is 29 inches across but only 9 inches deep. Maybe I can find something which will fit it to put the Fix It kit in without banging around.

 

After having been in places (e.g. Glacier National Park) where there is no cell phone coverage I believe I'll keep the spare in place, even though I can't remember the last time I had to use one.