Do a cold air intake (even just mount a cone filter on the stock air hose like I had in my old 1992), NGK V-power plugs (should only cost $12 at most), Taylor/MSD/Accel wires, premium fuel, a 180* t-stat ($8-12), and a muffler (Flowmaster, Dynomax, Magnaflow, etc should cost around $100 if you get one off ebay like I did, but I only had to pay $65 including installation for my Magnaflow).
All the above mods will easily have you in the 190-195 range. Do a chip also and MSD coil packs, and you could be in the 210-215 range, with about 250-260 lb ft of torque.
So far I have remove the MAF screen from the throttle body (free and easy), custom cold air intake ($20 from a salvage yard), 180* t-stat ($9.50 from Napa), Magnaflow 3" inlet (too big -keep at 2.25" or 2.5") w/dual 2.5" outlets ($45 from E-bay + $20 for installation), NGK V-power plugs ($12 from Napa), Taylor Spiro Pro 8mm wires ($65 from Champion Auto -I know I could have them from one of our guys for cheaper, but didn't realize this until after I had bought mine and put them together and on the car), I have but need to install yet 3" downpipe (free from my dad'* 1993 Park Avenue Supercharged parts car + $20 quoted for installion). I also have a Superchip for my car, but haven't gotten around to installin it yet.
Once I get the last two mods put in I believe I'll be in the 200-210 range for hp, and my torque will be around 245-255 lb ft. I know that doesn't sound like alot, but that'* a good jump from the stock 170 hp and 225 lb ft, and it'* enough to put a hurting on a 5.0 and 4.6 Mustang owners -I knowbecause I have.
Now I can't wait to get the chip and the downpipe in and my water/alcohol injection setup on. The water injection should be good for 10-20 hp (I believe, butcorrect me if I am wrong) and helps the upper end (valves, lifters, etc...) clean and it'* safer than the NO2 I am hoping to eventually get hooked up.