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I think before you go looking into adding power you should look at gears. Either 3.73 or 4.10s to start. Also, do a full exaust. Headers, mid-pipe, and mufflers. If your state permits it go with an o/r X or H pipe. I have a 94 GT (5.0) and the o/r H on it sounds amazing, but I have heard that the X sounds better on the 4.6 cars. Just my .02, but you really should look into gears - cheap and you really notice the difference, esp. with 4.10s.
im thinking of getting the BBK-1670 BBK o/r X-pipe for my car but dose any on know if its just a bolt on or do i need new headers tnd also some one told me they lost power with it.
my bbk o/r H pipe bolted right up and it did not lose any power, but you need some flowmaster american thunder behind that X pipe and then your in good shape and your car will sound ba.