Saw this while poking around, it's homebuilt but looks like it works very well and you can't see it when retracted. It's even on a GT500.

http://mustangforums.com/forum/2005-...-revealed.html

 

The guy I bought my bracket from (no-drill, OE location) said that some people found that when they scraped the front end on a bump/dip, it tore the plate right off the bottom of the car.

 

I could see that on the under the facia install.

My idea for it would be to put it in the lower grille. The guy in that post said it only requires a 3/4" thick opening so I would cut a slot the right size in the lower and make it disappear into the grille.