After owning the car for 9 years I was finally been able to get the drivetrain where I wanted it to be. My mods are as follows:
GT-40X303 aluminum heads
Ford Racing Performanc Parts E-cam
FRPP 1.6 roller rockers
Polished Cobra intake
Edelbrock 65mm throttle body
73 mm C&L MAF
Summit Racing cold air induction
FRPP 24 lb injectors
BBK adjustable fuel pressure regulator
March underdrive pullies
FRPP aluminum driveshaft
3.73 rear gears
FRPP Jet-Hot coated unequal length headers
Bassani catted X-pipe
SLP Loudmouth cat-back.
Before:

After:

The most recent mod completed was a swap from the original AOD to a new T-5 manual transmission. The difference in performance is very noticable. With the AOD the car made 257 horsepower to the rear wheels. I will update the horsepower figure when I hit the dyno again in a few weeks.