Notes on front brake job
First off, please read the disclaimer. If you're NOT comfortable doing your own brake work, take your car to an experienced mechanic. Obviously, the braking system is one of the more important systems on any automobile.
1. Pop the hood take the cap off of the brake fluid reservoir. (makes pushing the caliper piston in much easier, you may have to remove a little fluid to avoid spilling some)
2. Loosen the wheel hub nuts, then raise the car and support safely.
3. Remove wheel.
4. Loosen caliper locating pins with Torx T40 adapter for your 3/8 ratchet (easily purchased at most auto parts stores)
5. Note the orientation of the Caliper and the PADs. The caliper can be removed by using a rotating action. Make sure the caliper locating pins are out of their respective holes. Mine did not come off very easily initially, but with a little playing it came off. You do not need to remove the brake hose to replace the rotor/pads, just be careful not to damage it. It's fairly flexible. I basically turned the caliper upside down and sat it on top of the rotor to work on getting the PADs off.
6. Remove outer PAD by inserting a screw driver into the holes located below/near the metal clip that retains the PAD to the caliper. Use an upward prying action to force the clips/PAD to release. Remove the inner PAD by pulling it out/away from the piston. It has a 3 pronged clip that retains it inside the piston. Leave the pads on one side of the car as you do the other for reference.
7. Using a small C clamp, push the piston back into the caliper. Install inner PAD (see extra tips below before installing PADs) by pushing it into the piston. Make sure it is square and the 3 pronged clip on the PAD is completely seated within the caliper piston. Install the outer PAD by placing it above the caliper and sliding it downward with some force onto the caliper. The steel clip on the PAD should "snap" into place on the onside of the caliper.
8. The rotor can now be removed. Use a coat hanger to suspend the caliper away from the rotor. Using a hammer, tap the outside of the rotor between the studs. The rotor should come loose you can remove it. Apply some anti seize compound to the inside of the rotor (part that goes onto hub/knuckle). Temporarily secure the new rotor by using a couple of your wheel lug nuts.
9. Install the caliper. The outside PAD retainer clip at the top needs to go under the steel flange. Install the caliper similarly to the way you got it off. You should now be able to start the caliper locating pins in their respective holes.
10. Put the wheel back on snug it up. Lower the car, replace your brake fluid reservoir cap and tighten the wheel lug nuts.
11. Start the car, pump the brakes a couple of times go out for a drive to try the brakes out.
Any problems, find your nearest mechanic :-).
It's also been suggested to apply brake silicone grease to the caliper slider/guide pins also to the back of the outer PAD (part that seats on caliper) and some on the piston surface that meets the back of the inner PAD. Also apply some anti seize to the inside of the rotor hub.
Notes on rear brake job
Thanks to John Lipartito. K-D Tools make a tool which attaches to a 3/8" socket wrench and has multiple combinations of pin groupings, one of which fits perfectly into the slots of the SHO caliper piston. This tool is made of hardened steel, not aluminum. The part # is  (Bob Richards reports that this part did not fit his '91 SHO, but part #  did) and it can be purchased at any NAPA store for approx. $12. Since is still very difficult to turn the piston, this works best if you take the caliper off the vehicle and put it in a vise to hold it while you push in and turn at the same time.
Now if you don't want to take the caliper off, there is a tool manufactured by Lisle called a Pusher Screw for Rear Disc Brake Calipers, part #, that can be purchased at any Sears store for approx. $23. This tool attaches to the K-D tool mentioned above, holds the K-D tool in place and applies pressure as you turn the piston in.
Turning the piston in took me about 5 minutes with above tools and the caliper on the vehicle.
I read previously that you could not purchase slider pins from Ford without purchasing the whole caliper. This is not the case. I had two that were frozen, but was able to get them out. Even so, I decided to replace them. Found out that if you ask for a slider pin rubber boot kit, you not only get the rubber boot, but the slider pin also. Price, $12.95 each. (For anyone who hasn't done the job yet, the rubber boot fits over the exposed portion of the slider pins). I don't have the part number because I just asked them for the item and was so happy, I misplaced the receipt.