Congratulations on your purchase and welcome to the group! It would be best to start with the basics: Install your gears, then help it breath better by adding a high-flow cat H-pipe, mufflers, and a cold air intake. Next improve your shifting by adding a quality short throw shifter. You will also need wider meats to handle the extra power. Install some underdrive pullies. As far as a timing adjuster, it adds appox. 10 hp, but if you plan on installing a chip do not install the mechanical adjuster because the chip will take care of your timing as well as your A/F ratio. There are many other parts that enhance power and performance. I wish I had all the stuff I mentioned. Maybe one day!
Good luck and have fun!!!
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'97 Cobra, MAC Cold Air Kit, 3.73s, Rio Red