What mods do you already have? My '84 5.0 came with only 185hp stock, so I would assume you have done some work already to get where you are at. Does your car have the 2-barrel CFI? If it does there is not much free horsepower you can get other than bumping the timing up a few degrees. Changing to true dual exhaust is definitely a good first step if you haven't already otherwise the exhaust will prevent any other mods from reaching their full potential.
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Strike down the unroadworthy!
2000 GT Atl. Blue: '03 Cobra motor - 465rwhp/473rwtq, T-56 6-speed, full MM TA/PH & tubular K-member suspension, Saleen body, 17" Torq-Thrust II's, M/T ET Street radials, and lots more
'94 Rio Red Cobra: All the bolt-ons, 3.73s
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