Absolutely go with the gears first. Most of the cold air stuff is for show more than anything else. I would go with the 65mm throttle body and at least a 73mm MAF, full exhaust (headers, h or x pipe and cat back system)and sticky tires before I screwed around with a cold air system. Your going to need some suspension to put the horsepower to the pavement, so you'll have to go with control arms and subframe connectors at least to stiffen up the chassis. Then you have to look at heads and intake and once your there your solidly into the 12's. Or you can get a nitrous setup or a blower and get there much much sooner, though you'll still need to get traction. I know where your at my man, been there, doing that.
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91 LX 5.0
Z t-5, 3:73 gear, Vortech 73mm Mass Air, Accufab 65mm TB, BBK underdrives, Crane HI-6S Ignition, BBK unequal length headers, Bassani x pipe, 2.5" Dynomax Super Turbo cat back, Kenny Brown Super Subs, Factory Five Control Arms, Mac cold air kit and more to come!