If you have a mass air meter then you do not have a speed density computer. Adding speed density to that car would be reverse evolution.
The cut coils will hinder weight transfer (aka traction) Get some real front drag springs.
The A stock fuel pump is 88lph. The 110 will be ok unless you go with any power adder.
From the looks of it you have a basic 300 hp 302. Probably 250 hp at the wheels. In your car you should run well with new LS1 cars, and the other new stuff out there.
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1988 Mustang GT
12.0 @ 122
1992 BadAzz Wrangler
1993 Explorer