Weight reduction is always a good way to increase performance but once you get past the obvious stuff you've mentioned it starts to get harder and affects the comfort level of the car.
If it's a street car then you have to draw the line somewhere and a fiberglass hood, aluminum radiator, driveshaft and removing the A/C and rear seat may be the most you can do. These items are worth a total of about 150 lbs. or so, maybe a bit more on a SN-95.
If it's a track car or serious street racer, then you can go with ripping out carpets, removing the stereo, aluminum heads, wheels, flywheel. Removing the fender liners and hood insulation helps a little, too.
Of course you'll have a noisy, hot, somewhat less comfortable Mustang, but it'll be no frills and you gain a few tenths. Up to you.
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