To do that kind of change to a Classic Player you will need to...
- remove the Tune-O-Matic/Adjust-O-Matic and any mounting hardware it has on the body, including the metal grommets that attach it to the body
- the easiest way to find where to drill the holes would be to get a Fender Jaguar AVRI pickguard in the color of your choice and then use the holes for the bridge and mute in said pickguard as a drilling template. You will probably also want to fill in where the Adjust-O-matic was so the drill bit actually drills straight.
- Drill out ALL of the holes in that region, there should be 5 total, 2 large ones for the bridge thimbles, 2 tiny ones for the screws for the mute, and a middle one of medium size - like 1/2" wide, and that one bears host to the flip-up-mute spring retainer feature
- once all the holes are drilled all the below needs done.....
-- Thimbles for the Mustang bridge will need press-fit into the body, this can be done using a clamp, or pressing them in using downward force, hammering them in can cause the body to split
-- the spring and plunger for the mute need put in the center hole
- the mute plate is screwed on by 2 very small screws
Also, an important detail I almost left out - you will NEED to buy a Mustang Bridge that it setup for a 9.5" radius, the CP Jaguar is not 7.16" - which is what a Mustang fretboard radius normally is. A Staytrem bridge might be the only thing availible like that, either that or one of the adjustable Mustang bridges like on the current crop of squier Mustangs.