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What is your budget? I could give you suggestions that would run up a $100k bill, so money is the biggest factor. As mentioned above, gears are the best bang for the buck. 4.10's are the steepest you can go on a budget and is what I would suggest as well. I also argue that a B head swap is the other best bang for the buck mod. A B head swap will give you 70hp and can easily be done for under $1k. I've know people that have done it for under $500. It's an easy swap and the parts are floating around most junk yards.
i thought most people did not like the B head swaps. I am also new to mustangs but not fords. If the B heads are used on a non PI motor, does it totally kill the low and mid torque and HP? i have a complete set of B heads and a set of PI heads and intake. i am having a hard time reading all the info on here and making up my mind on which would be a better fit for me. anyone care to shed any light on this