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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
I'd go with the gears, you will notice the most gain from that. I have 3:73 gears on my 95 on that mod was what I notice the most gain from. Don't get me wrong, the exhaust is a good mod, but I'd get the gears first. I have the longtubes and off road H on my ride and I really liked them aswell, my car sounds so nice. my .02