Exhaust
I'd finish off your exhaust before moving on. The K&N FIPK cold air intake is pretty reasonably priced and performs better than about anything out there. Don't expect HP gains much above the factory air box with a K&N, but it cleans up the engine compartment and makes the filter really easy to remove and clean. The FIPK dynos just a hair better, a couple few HP better than the stock airbox with a K&N-- about what it feels like to turn the A/C off.
With your car getting a charge of fresh air, finish that exhaust with an X-pipe coupled with high-flow cats (to keep it street legal, and the environment clean!). Typical cost + install = 600ish. If you have more to burn, do the header while they are down there. A complete exhaust system from header to tip can net you some real HP gains. Find a reputable local custom exhaust shop or mustang speed shop for the best prices and work. Do not use a McExhaust place. Go for 2.5 inch unless you are planning on installing nitrous or a supercharger soon. That 3.5 inch system is doing more harm than good... an excerpt from Holley's website
"Bigger generally is not better when it comes to street driven cars. when you put too large of a header or exhaust on a street driven vehicle, you usually notice a severe drop in low to mid-range performance due to a lack of backpressure. To combat this issue, Hooker sometimes builds 3 or 4 different headers for a particular application with varying tube and collector sizes. "
For a street driven stang, 3.5 inch is an inch too big.
More money to burn? Gears are good, a bigger MAF sensor can add some real HP. Underdrive pulleys are a hit and miss situation- they give you more HP, but less power to drive accesories like your cooling system. Remember that if you live in a very hot climate.
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