A race track only 5.0 Mustang will need a custom dyno tune & chip to prevent CEL and other problems. That will cost $300-$500. Some places will retune for $100-$150 if you need more work after the initial dyno run and tune.
Removing the pollution control equipment from a street driven 5.0 Mustang is a bad idea. All you have accomplished is to make the computer mad and spit codes. The pollution control equipment all shuts off at wide open throttle, so the HP losses from it on the car are 2-5 HP. The catalytic converters may soak a few more HP than that. None of the pollution control equipment reduces the HP enough to cost you a race in anything but professional drag strip competition. I seriously doubt that you will be in the final runoff on “Pinks”, so leave the smog equipment in place and make sure it is working correctly.
Know what does what
before removing it. Remove or disable the wrong thing and the computer sets the check engine light and runs in "limp mode". Limp mode means reduced power and fuel economy.
If you removed the smog pump and still have catalytic converters, they will ultimately clog and fail.
Here's a book that will get you started with how the Ford electronic engine control or "computer" works.
READ the book before making any changes. If you can't or won't read it, you should consider another hobby.
It's about $20-$45 from Borders.com see
Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more . Select books and then select search. Use the ISBN number (without dashes or spaces) to do a search
Use the ISBN number and your local library can get you a loaner copy for free. Only thing is you are limited to keeping the book for two weeks. It is very good, and I found it to be very helpful.
Remove any of the equipment and you will not pass a full smog check, cannot title the car in an area that does smog checks and have broken several federal laws. Granted that the Feds are short on people to check cars, but it is still Federal law.