The only vehicle that came with the tubular upper is the 93-95 F150 Lightning.
You don't have to get a cobra lower you can also use a explorer lower.
http://www.badassmustangs.com/forums...ic,6876.0.html
As far as drilling for the ACT sensor that depends on the lower you get.
I'm still using my stock throttle body and its going on 3 yrs now.
The only thing you may have to do if you still have your charcoal cannister is to cut into you vacuum line and add a T because there are any provision for the Vacuum line for the charcoal cannister.
You can also use the stock bolts they will work perfectly unless your going to use a spacer.