No, you can't even come close to V8 power with a naturally aspirated 2.3. You have to respect the 2.3 Mustang for what it is: A nice dependable car with decent pickup (for a 4banger) and kickass gas mileage (and great looks). If you just want a little more speed, buy a nitrous kit, and give the 2.3 a little shot (25-30hp). If you want serious speed, drop in a 2.3 turbo engine from another car.
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