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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.
the springs are typically ok depending on how much they have been used, but you should test the spring strength and if the cam requires more seating pressures then definatley upgrade springs nothing worse then getting valve float
cams have a lot to offer in a car, the valves can open further and longer, allowing more airflow in and out, allowing you to burn more fuel to create a better drivability as stated you would want to tune it, the computer advances the computer so in t he chips parameters you can set your timing right where you want it amongst other things. if you ever get a chance to look at diablo's chip parameters just glance through some of them its quite ridiculous what the chips can do.