+1 Those are your first steps. Upgrading MA, TB, Gears (3.73's at minimum IMO)

 

One of the first mods on a mustang should be gears, next maf, throttle body, then full exhuast, heads/cam at the same time, carburator set up(I'm a carb guy.......lol, it just lets more gas flow and air) Intake while doing the carb setup 1.7rr. Should haul some pretty good *** by then?

 

Yea, you kind of did everything backwards lol but it still works You just need to go back to the things that you skipped in the beginning.