It is an HPX slot style maf, good for metering upwards of 1000hp. Even the Ford 90mm will run out of resolution around 500whp.
You can use it in 2.5''-4'' tube. I have the 3'' housing, but you can also get a bung that will weld onto your IC piping.
While I vented metered air for many years (while using a drawthrough setup), it is not ideal. With the BTM, there is no issue with an atmospheric dump valve, your plumbing is easier (because you do not need to have the small to large to small tubing that you see on so many FI SHO's due to the size of the 80/90mm MAFs), and your tuning will be easier.
You can get an 05 mustang slot style maf for around $150, and it is good for a low boost SHO (300whp in a 3'' tube, which is the size of the TB, and makes for a nice and tidy setup), unless you want to use LARGE IC piping (3.5'' will meter up to 400whp, 4'' up to 500whp). Mine is the VMP HPX, which has about twice the resolution of the mustang maf, and is good for 600+whp in a 3'' tube, and 1000+ in a 4'' tube. It only cost $199 right now, but you need a bung and a wiring pigtail, which will bring total cost to around $280 or so. Still a great deal, considering how important proper metering of air is for a FI SHO.