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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.
Not really. You need at least a better manifold to take advantage of the TB, and you need heads to take adv. of the manifold. So do it all, or don't do it AT ALL.
Throttle body alone no, but if you replace the intake manifold with the throttle body, you could notice some 10-20hp gains, with some loss of low end torque.