A lot. The Ford uses a more modern 4 bolt attachment to the bellhousing. The input shaft in 1-inch X 10 spline while the Merc is 1 3/8-inch 10 spline. Tail housings are different. They use different clutches. The list goes on.
Except for the shift arms, they are exactly the same transmission. Some early '51 Mercs used left-over '49-'50 round pattern trannys, but the normal production '51 Mercurys used the same newer Ford 4-bolt designs.
Where you have to be carefull is by manufacturing date of the 1951 Mercury. From September 1950 to near February 1951, the Mercury used the same basic drive trains as 1949 thru 1950 Mercury. The Late 1951 production used the late 1A type transmission same or similar to the Ford but still used a bell housing and Borg & Beck clutch that is different than any other before or after. The late 51 Merc transmission will bolt to 51 Ford bell housing and use the Ford clutch.
Just make sure you get the late 51 type if you want to swap into a 1951 Ford.
Kerby,
You might be right about production numbers, but I've never seen a '51 Merc with a round pattern ****** in person, only in a picture, and from Canada. (Monarch) I've removed several engine/trannys and worked on '51s in my area, all with the late style ******. Even the shop manual pictures the '51 engine with the one-year-only bell housing, like below, and what I am using in my '32, with the shaft changed to a '32-'39.
I'll stay with most '51 US Mercs having the below pictured bell and 4-bolt Ford transmission, but it would be nice to know just how many were built with either the old or new ******, out of total US/Canadian production.
i see the pic up above shows the early 51 merc b/housing i also see the cross arm has been changed later 51s came out with the clutch fork same as ford ive been trying to upload pics of bellhousings with no luck can i send to someone who can do it