5.0 Mustang had an article awhile back where they did different things to a stock mustang. They removed the air silencer and added a K&N panel filter, I believe they got a 1 to 3 hp increase at different rpms. So yeah like lx5091 said, "not a whole lot", but it wouldn't hurt.
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NewEngland Auto www.baystategearheads.com
-91 Mustang Coupe, ex 4cyl (sold)
-99 F150, 3" lift, 35" Procomps, Magnaflow exhaust
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