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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 have a limited budget, then you might as well get something that you cal feel. Headers may help free up a couple ponies, but you're not going to be able to feel it like you can with gears. And you're pretty much wasting your money unless you can get full exhaust anyway.
Dropping in a set of 3.73s or even 4.10s is usually one of the first things people do.