The differential tag layout has changed over the years. The tag in your illustration Ford used from '69-73 on the first-generation Mustang.
The "WCZ-V" is the axle model.
"2MC" is the year, month, and week of manufacture. 2=1972 M=December C=third week.
As already posted, the ring gear and pinion ratio are on the second line. It would read 2L79 if a Traction Lok differential.
The next single digit is the ring gear diameter. In your case, 8".
The last set of numbers/letters is the axle assembly plant code.