[Mr 5 0]

Both the Mass Air Meter and CAI setup are perfectly good 5.0 modifications that will net you a little more power, but don't expect big HP or performance gains from them, especially on a stock 302. You're really buying something that will help you more after you've done a few other modifications to the engine.

Lower differential gears and a more free-flowing duel exhaust (headers + mufflers & 2 1/2" pipes) would be improvements I would strongly consider, along with sub-frame connectors, which won't gain you any HP but will help your Mustang hold the road, making it feel like a real sports car on curves. Following that, a Cobra intake would compliment that bigger Mass Air setup and bigger exhaust for more noticable gains.