Bolt on power for 1996 cobra

[bcstrong]

i will be running kumho ecsta-mx's, 265/35-18's in the front and 295/35-18's in the rear and will be lowering the car 1.5-2". I've had lots of people into muscle cars tell me that the first thing they would do is change the gearing to no less than 3.55's and as much as 4.10's but i would rather spend money on getting more real power out of the engine than just the feel of more power through the use of gears although in the end i will change them to the 3.55's or the 4.10's but i don't want my highway mileage going right out the window or my tires going up in smoke too often either. This is also my first rear wheel drive car with any amount of power so it's a learning experience that would only be more difficult with a set of 4.10's in there.

On the subject of bolt ons do you really think that a full exhaust from headers through w/x pipe and no cats along with a cold air intake and bigger MAF and injectors, bigger throttle body, UD pulleys and a SCT programming module will only give another 20 rwhp? Where would you say would be the next best place to get more power while staying naturally aspirated? Heads, cam, intake, valve job?