If it is the stock rear that came with the car then yes it has traction lok. But depending on how much abuse the car has seen over the years it might need to be rebuilt. The rebuild kits are about $45 and available at many places over the internet and I would think at your local Ford dealer's parts dept. If you are going to change gears then now is the time to find out if that t lok needs a rebuild.
Both tires should spin when you launch straight ahead. When you turn corners the clutches in the t lok disengage and allow the wheels to turn at different rates, the outer wheel turns faster since it has more distance to cover while turning the inner wheel turns slower than the outer. This is with respect to the corner of course.