Gears are the first thing you should add to your 'Stang. Bigger bang for the money than any other mod you listed. Go with 3.73's. With installation; this is about a $400. project.
You already have Mass Air but you might consider a cold air induction kit - $100. -150.
Pulleys are fine ($90.) and exhaust is almost a basic mod but can get expensive so do a piece at a time (mufflers, then H-pipe, then headers).
A serious tune-up is also a 'must' and sub-frame connectors are a good investment. Anything you do to lighten that '94 will help, but don't get crazy in that department.
Have fun and much luck with your Mustang.
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