I'm just a lurker on the mustang forums but I couldn't help but chime in on this subject. As a former certified asbestos abatement contractor I would suggest talking with a professional about removing or encapsulating asbestos.
To a degree, yes it is overblown in many cases but try telling that to a person whose relative died from Mesothelioma. Asbestos cannot be seen by the naked eye. Some people see shiney crystals or whatever in something and go yup that's asbestos be careful or think what they see is to large to be inhaled so they are safe. Not the case. Hundreds of thousands of single asbestos fibers can fit into a pen dot. The fibers are shaped like fish hooks, with smaller fish hooks on them. In reality it only takes one fiber to get into your lungs which gets stuck, slowly tears lung tissue, forms a scar while continuing to tear as you breathe, eventually causing cancer. It may or may not be likely to cause harm with little exposure but I say that so understand the seriousness of properly dealing with asbestos.
There are other reasons like the fines, as much as $25,000 per violation per day. Also, improperly disposing in the regular garbage exposes the unknowing workers at the waste facility and eventually will contaminate trash that will end up being recycled like paper products. I'm by no means an environmental tree hugger, I drive a v8 mustang, but there are reasons for proper disposal of hazardous material.
Having it properly removed or covered can be expensive but the alternatives can be costly in just as many ways. I would at least talk with a professional abatement contractor before making any decisions and not let any jack leg tell you any different.