Awesome dude !!!
let me tell you, with that 4.6L , you need to get some work going for it to move, i would suggest a nitrous kit that is specifically made for the 4.6l modulars... they seem to work really well and can put you into the 12's with just a few other bolt-ons... without something like mid 13's, its gonna be hard to compete on the street down here, unless you wanna race ricers all day ! hehehe
but right out of the dealer, get rid of the silencer and put a K&N panel filter, get rid of the screen in the MAF meter (if it has one) then, swap out the mufflers for some 2 chamber flowmasters and also get some O2 simulators and then gut-out your cats
POWER !!!!!!!