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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've heard of a Cold Air Intake (got that) and some underdrive pullies (getting those). What else can I do to squeeze some cheap HP out of a stock 302?
There are tons of things you can do to this car to get more power and make it more fun to drive. There aren't a lot of cheap ways to do it though. First I would start with the exhuast and then the most bang for your buck mods IMO are gears(they don't give you any more power but you will notice your accelerates a lot faster) or nitrous which i would personally only use on a track car. Other than that you can get some gt40 cylinder heads but that is starting to get into more $ because you will want to do other things to support them like upper and lower intake manifold, bigger throttle body and maf etc.etc. That all depends on how much money you want to spend on the car. is it auto or stick? is it a daily driver or weekend or track car??
also, go through the !!! tech articles !!! sticky at the top of the page. you will learn a lot there too. and blkonblk50 is right about suspension. it is well worth it