The four-speed overdrive AOD which was offered from 1981-93 is the only non-computer controlled overdrive Ford transmission that will work with a V-8.
See this article:
Yes, you will need a conversion kit. I'm not sure what you mean by would this trans be compatible with a kit. You will need the appropriate flex plate for the C-6, AOD, and engine combination. You CANNOT use a C-6 flexplate on the AOD and vice versa. Here's another link for performance AOD trans: