Is yours a stick or AUTO?
I wouldn't put nitrous in it first, the verts are so damn heavy and flexable do it the right way. Get subframe connectors, gears (at LEAST 3.55 probably be happier with 3.73), control arms, maybe a strut tower brace.
Nitrous is fun but you need a foundation first.
Another thing to look at is tires. All the power in the world doesn't matter if it all go up in smoke! (Don't fint out the hard way like I did!)
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My Mustang
91 LX Conv. 52,000 orig mi. Hurst shifter,King Cobra clutch, 3.55 grs, NOS 150 kit, MSD 6al, MSD timing control, malory coil, pullies, adj fuel reg, BBK 70mm tb, Pro-m 75mm maf, battery in trunk, JBA: shorties,subs,strut tower brc, Comp eng. 6 point cage, dynomax 2 1/2" exhaust, Hotchkis lower cntrl arms, MAC cold air kit, off road h pipe.