You got the intake coverd, Id go with a midpipe/catback, if you plan on doing cams, I would do long tube headers as well.
Get yourself a Stage 1 or Stage 2 N/A cam. Get some suspension mods, and you can get into the 12's without a doubt.
A guy on another forum has full suspension, Cams, Full Exhaust, and is running 12.1's.

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-Tommy- 2003 GT Fully Built/Boost
S4 Blower / 12psi / Chicane Intercooler / Fully Built SB / Ported heads/ Blower cams / Bolt-ons / 3.73 Gears / Zex N20
11.9 @ 119mph 1.9 60' (Full Weight, Stock Susp)