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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.
If you're not going to do heads, you're wasting your money and time. The weak point of a 5.0 engine is that the air flow through the heads is just about maxed out with the stock components. Just slapping on an intake will do next to nothing. You've already got a decent exhaust setup. Now you need to get a set of heads, along with a cam and intake if you can afford it. If not, heads will make a huge difference by themselves, even with the stock cam and intake.