Latest update: Yeah, so I just ordered a Powerdyne supercharger kit with a 300lph pump and 42# injectors. Even at 9 psi, it should be enough to move this turd. :)

Current plans:

Engine (currently, highest priority):
Dyno-tuning after the lower intake manifold swap revealed some deficiencies in top-end power. There is a chance that the car is overcammed, but it is also possible that my exhaust system is too restrictive for this engine. I consider this a likely possibility because I am using a set of inexpensive chambered mufflers that are vaguely like Flowmasters. I intend to replace them shortly, and will also be adding a better upper intake manifold and 70mm TB as soon as they come in. Then, back to more suspension stuff.

Suspension:
Although the car handles vastly better than stock, it could use something to locate the rear axle better. I should probably get better lower control arms, a Panhard bar, and maybe some other goodies.

Misc:
Probably needs window tint, and perhaps the Mach 1 front lip. For the sake of driveability, I should probably get an aftermarket clutch quadrant/cable sometime.

Modifications so far:

Suspension:
Put on Ford "C" springs (650 lb/in front, 200-300 progressive rate rear), lowering the car about 1". Also installed Mach 1 (Tokico) shocks/struts for improved damping. Added a rear swaybar from an earlier V6 to reduce the understeer, and had a shop weld on a set of Steeda tubular subframe connectors. The car rides much harder than stock, but the handling is vastly more responsive.

Engine:
Rebuilt "top end" of engine. Camshaft was replaced with a reground part with 212/215 int/exh duration (at .050") and ~.535" of lift. Heads were replaced with RPM-Mustangs' "big-valve" heads with upgraded valve springs; the new valvetrain is capable of 6000+ RPM and the new cam takes advantage of this ability. Upper and lower intake manifolds were both replaced with pieces I ported last summer, throttle body was ported and halfshafted. Lower intake manifold has since been replaced yet again with a professionally ported part which has neither IMRCs nor EGR ports. Car still looks basically stock under the hood, but is now anything BUT stock. Around-town driveability is still good.

Induction/Exhaust:
Installed inexpensive full-length "cold air intake". Probably outflows stock air cleaner assembly, improving throttle response. Added GT takeoff exhaust (true duals, connected to the factory dual cats) with some cheap "performance mufflers", ending in turn-downs. Much deeper, louder sound than stock. More recent modifications to the exhaust system included MAC longtube headers and the addition of an off-road H-pipe. It's deep and mellow at lower RPMs, but just becomes flat-out loud and raspy once the IMRCs open.

Misc:
Installed a Pro 5.0 "power tower" shifter. More positive shifter feel. 3.27/open 7.5" differential has been replaced with an 8.8" traction-loc unit with 4.10 gears. Needless to say, the car accelerates better with the new gears.