Here's my setup FWIW.
I'm throwing the book at my suspension, using every
Trans-Am and roadrace trick I can. I'm going to run KYB GR2 shocks, roller idler arm, adjustable strut rods, roller spring seats, 550# springs, Export brace, monte carlo bar, 1" front swaybar, and subframe connectors. I'm also going to do the Shelby 1" control arm drop and build a Boss 302 engine crossmember and use a set of Heim-jointed swaybar links sold by Sacramento Mustang. I'm also going to be boxing and reinforcing the control arms.
Perhaps the most overlooked part is a professional steeringbox rebuild. The boxes can get SLOPPY (mine has a 1" dead spot with otherwise new suspension) Less than $200 from stangerssite.com as well. Another overlooked point is that the factory alignment specs suck!
John at Opentracker Racing is a great resource for parts and advice and tricks. If I had the cash, I'd buy a set of his rollerized, reinforced control arms too (and since I don't I'm considering rollerizing my control arms, but it doesn't look easy).
As for the brakes, if you shop around, $1500 will almost buy you a 13" front, 11" rear power disc setup. You can get good brakes for less, that would be the "peel your face out of the next county" setup.
I'm going to be running a Scarebird Mechanical 11" front disc setup and 11" SVO Mustang rear discs with a homemade power booster setup, and I'm into it for about $750.
HTH