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There are 4 different diagrams for the Mustang 4.6L in the years 1999-2005. All four are posted here according to there VIN number. Check your VIN number for the correct VIN code and diagram to use.
To remove your old belt simply rotate the tensioner pulley enough to slip the belt off of it. Slowly release the tensioner pulley and remove the belt from all the other pulleys. Check all of your pulleys and make sure they are not damaged in any way and are free of any debris or fluids.
To install your new belt locate the correct diagram for your vehicle. If you need to take the diagram to your vehicle with you, you can print this image or visit serpentinebeltdiagrams.com on your mobile device. Route the new belt according to the diagram provided leaving the tensioner for last. Keep tension on the belt with your hand and rotate the tensioner pulley and slip the belt on. Check all of the pulleys and make sure the belt is aligned correctly on every pulley. If you need to make any adjustments just rotate the tensioner pulley just a little bit but enough to make your adjustments.