A mass aired 5.0 HO (88 California to 92) comes with 225hp and 300ft lbs of torque stock. In 93 the numbers went down for some reason. They did change the pistons from forged to hyperutectic (however you spell them) and did some other stuff. Ford was very odd about their horsepower numbers back then, but only to lower insurnace costs on the car.
I mean, they rated the '93 Cobra at 235hp and it came with a better mass air meter, throttle body, intake manifold, injecors, and heads. It's really hard to guess whether the 5.0 HO made more or less power than the advertised numbers, especially in times like 1993 and the SN95s when they advertised it being 10-15hp lower.
1991 Thunderbird SC: I <3 Blower Whine.
1993 LX 2.3 Convertible: Less than half of a 5.0
1989 LX 5.0 Hatch: Sold!