Your #2 option will be your best bet as far as performance goes. Those 3 mods will really hep knock off some ET, and make daily driving much more fun. The 4:10's will turn oyur GT into an animal, the pulleys will release some HP, and the shifter will make sure that the 2-3 shift will go much smoother.
Your #1 option will be more for some extra HP and especially sound. The catback will only be worth about 3 hp because the factory catback flows pretty darn good. But the X-pipe is what will open things up. Expect around 10-14 hp for the combo. And the sound will be what car enthusiests live for.
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1997 Thunderbird 4.6L: Dynomax exhaust, Lightning 80mm MAF with 7" powerstack cone filter, B&M 24,000GVW trans cooler, Inject-Tech chip, KVR Brake upgrade. 15.2 @ 91. Not bad for a 3800lb auto 4.6L
No Longer own: 91 LX 5.0L 5 spd
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