Cheap 79 Mustang Race Car Directions

I picked up an all stock (down to the single exhaust with iron manifolds and original air cleaner) '79 Ghia coupe with a 302 & C4. Took it to the drags and ran a best of 16.862 @ 79.59MPH. I want to put minimum $ into this car for max fun. It is a commuter for now, but will (hopefully) be a donor car for a Factory Five Cobra kit someday. I really only want to put money into items that can later go to the Cobra. What would you suggest I do to make this faster/quickor with the above stated criteria?

BTW, this is old enough to be exempt from emissions laws where I live.

exhaust, open element air cleaner....anything you can do to increase traction and reduce wheelspin...gears of some sort...that outta get you started. Of course, weight plays a big role too. Every 100 lb loss= one tenth improvement in ET give or take. Take it off the right places and you can improve more.
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351W [img]/forums/images/smiles/icon_smile.gif[/img]
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Trade it in for something in the 87-93 5.0 liter years.

Better spindles and the 8.8 rearend, also better brakes.

You need these for that Factory 5 project.

Ton's of them on Craig's List.
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Heads,cam,intake
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I'm thinking super cheap here. Pulling out as much weight as possible is almost free. Any disadvantage to pulling the "smog" pump? Would it be worth the effort to swap on stock shorty headers? Would I be better off with cheap full length headers and some purple hornies? Is an 8.8 a bolt-in? Would a tall air cleaner and a scoop give me much? What are the cheap and easy ways to make my car hook?

Is the generaly accepted order of mods: 1)exhaust, 2)gears, 3)intake, 4)motor?