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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 would say around 220-230. The 24's are a tad big for you mods but if you get heads and a cam, they will work great. 24's are good for 300+HP at the crank. i had 24lbs on my 95GT and it was pushing 300rwhp. Do you have an adjustable fuel pressure regulator and fuel gauge so you can see what psi you are at? if so tell us what psi you are running and we can tell you to lower it or keep it there.
well a stock 5.0 is rated with a good driver at 14.7 for lx and 14.9 for a gt. then it all depends on conditions and driver and all that stuff. it all depends. just know that you would be slightly faster than these stock guidelines. i'd say at your quickest 14.3 to 14.5 depending on how you drive
If you had sticky tires I'd say that a 13.8 would be feesable (sp) if not lower at or near sea level. My HP guess is 220 if and only if you're at or near sea level.