Hello MKSpeedlab,
I always hated the telescoping antenna on my 71's. When fully extended, it looked like something that belonged on a CB radio-equipped car. Over time water would work its way into the mast and cause poor reception. Some stations you couldn't pick up even if you were sitting outside their front door! They also were a favorite target of parking lot vandals.
Since radios were not standard on our cars, the fenders did not have a factory pre-punched antenna hole. The shop tec drilled those during the PDI (Pre Delivery Inspection) process. Unless they saved the antenna template from the factory radio kit, they didn't always go in the correct location, and the drilled holes were not always pretty!
If equipped with the correct antenna, '71s would have a telescoping antenna, '72s a telescoping and fixed mast. (During 1972 production, Ford phased the '73 style fixed mast antenna into production) and for '73s, a fixed non-removable mast.
If not concerned about being concourse correct, a detachable mast antenna (Like on the Fox Mustangs) is available. It is perfect for those who cover their cars and don't want to cut an antenna hole or find one with an antenna pocket. It would be the ideal fix for someone like yourself with a lift and tight ceiling space. It would also eliminate the need to delete your antenna and the related fender repair.
Don @ Ohio Mustang Supply sells this type of product. He is a forum member/vendor here and knows these cars as well as anyone. Give him a call or check his online store.
https://www.ohiomustang.com/store/order_page.asp?itemid=1841