Just did this mod as well on my 99 LTD with a brand new Passport armrest in tan...
Wow what a difference... wife and I both love the mod...
Some things to note, you'll have to purchase 2 new screws as the ones provided with the new armrest are too short. think I used 2" ones and they screw right into the factory holes on the armrest. You'll have to drill 2 holes to accommodate where the factory holes are in the armrest into the plastic of the tray... Looks great, OEM like and a definite improvement... BTW, you can use both compartments no problems...