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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.
first thing I'd do is give it a full tune up.. plugs, wires, cap , rotor, fuel filter.. set the timing ect... so its runnin tip top... Then a cold air intake and as mustang fan said... a full exhaust... that would prolly be the best bang for the buck to start out.
lose the air silencer, do a full tune-up on it and get some equal length shorty headers and a 2.5" cat back exhaust on it. then go for some new rear gears.
i would go with what roundman said but dont get the cold air at the moment if your not getting a tb, maf, spacer, or intake. the cold air wont do hardly anything because it will just warm up once it reaches the tb and intake. if you do anything with the filter just get a k&n in the box and it will be the same as the cai for now..