Where do I start?

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ironmedic said:
do a full exhaust from headers to cat back. an intake kit like densecharger or K&N FIPK is also good to have. your cobra block is much better than the 96-98 blocks and will respond to mods better than ours.
I would add that for the biggest kick in the pants that you add a deeper set of gears. I would consider at least 4.10's, but you might want to think about 4.30's as the DOHC 4.6L makes most of its power at high RPM. I don't think there is a difference in blocks between the '96-'98 and the '99 and '01 as they are both made of aluminum. There is a difference, however, between the cylinder heads and intake manifold. The '01 Cobra had arguably the best version of the naturally aspirated DOHC 4.6L put in a Cobra Mustang(MACH 1 not included).
 
i very much agree on GEARS. 4.30s are where u want to be, if not 4.56s. dont let anyone talk u less than 4.10s, or u will kick urself later. and u will want an o/r mid pipe, an X or and H, and some good mufflers. just to give u the sound that should come with these cars stock. as for heads and blocks. YES 99 heads are better, BUT, the blocks for the 96-98s have held more power compaired to the the 99 and 01s. hope this helps.