Boy, that brings back some fond memories! My 2nd stang was an '84 T-top car. First was an '80 Cobra.
Anyways, in 86 the horsepower dropped a bit from the '85, Ford was still "learning" about fuel injection. If the car is an automatic, a real easy way to pick up some ponies is get ahold of a set of pulleys from a stick car, or go aftermarket. Kick the timing up a bit, if you're not comfortable with that get a mechanic friend to help. Think about switching over to a mass air system too, there's a few "how to" links on this board. Opening up the exhaust is another option, headers and true duals with either an X or H pipe. Should have a factory H pipe with 4 cats on it now. Stick with the basics until you're comfortable wrenching on the car, then you can get into camshafts and heads and other hardcore stuff.
Good Luck!
