Hi -
to get the performance nice but not crazy.
I am a basics guy with a stock car and mild mods - so here are my ideas:
Do the spring cleaning. Even if you eventually find out your car is clean, this will be a great intro for you to get intimate with it. There is a nice gasket kit for the IAC valve, throttle body, and vacuum block at Auto Zone - Part 96-3003 for about $2.99.
Re the K&N, check out the "big mouth" set up at
TR Custom Parts 84-87 Turbo Regals, 94-6 Impala SS, 93-up F Body Cars, Olds G-Body Cars - he is a vendor here and this kit can help your car breathe easier and cooler on those hot, muggy days. Your turbo will thank you!
The turbotweak chip is a good idea...
TurboTweak Home. He is a vendor here.
Do add the Walbro fuel pump and hot wire kit from
racetronix - index - another vendor here.
Get a fuel pressure gauge so you can measure changes you might make with the adjustable FP regulator.
I suggest Metco or K&N valve cover breathers...I believe that Brian at
GBodyParts.com Online might have them.
A Scanmaster or other computer diagnostic tool is ESSENTIAL!
Make sure your plugs and plug wires are in good condition. If necessary, clean the coil pack terminals of any corrosion.
Check out the coil pack output for a strong, blue spark. If any terminals are weak, replace the pack. If you do this, BE SURE the male terminals are bent TOWARD the coil pack, not toward the potting material in the Ignition Control Module that sits below the coil.
Check that the vacuum block is not leaking air around its base gasket. Caution: If it is plastic, be careful you do not over-torque its hold-down screws if there is a leak.
Check the vac lines on the distribution block sitting on top of the plenum. They are different sizes.
Check the EGR valve for function and be sure the filter on its solenoid (rear top of driver side valve cover) is clean.
Use a ZDDP additive (oil package with zinc) with about 1/2 of your oil as Rotella T, Delo 400 LE, or Mobil Delvac (they still have ZDDP in them). A couple well-known cam manufacturers recommended having some dinosaur oil (not 100% synthetic) as a "base" for the cam.
I would do the following if you do not have related service records:
Replace all the vacuum lines...most are 7/32".
Replace the PCV valve and its vac line (3/8").
Since you asked, these engines are strong. Some guys are racing them with 200K miles on the clock! The shaft-mounted rocker arms are a clue.
Finally, if you do the work yourself, learn all you can BEFORE you start working on the more complex stuff like tuning (adjusting the TPS and minimm air screw). If someone else does the work, make sure you are satisfied s/he is familiar with these cars.
Congratulations and Good Luck!
Steve
PS Believe me, your car can stomp a lot more than only Fords.