We are planning to replace Mark V to HMI. Shall we be able to install and use Maintenance Toolbox ST?

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No.
ToolboxST only works with Mark VIe (or Mark V's upgraded to "Mark Ve").

 

There are other options to the OEM in replacing your <I>'s with modern PC's and operating systems that uses a PCI-style Arcnet card (widely available)and that communicates over Stagelink directly with the Mark V. One such option is CSE Engineering's <ITC> (http://www.itc-info.us/).