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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.
you will feel a difference, ask those guys who have performance exhaust how much power they loose if there is a hole in the system. that means u do feel a difference.
I did an almost full exhaust on mine at first (headers and an o/r h pipe) and added a whole bunch of bolt ons and the intake manifold. Well after I got her breathing better I added the catback and it made an entire world of difference. Full exhaust is worth a good amount of hp, but I wouldn't just piece it together like I did, do it fully the first time.