I'll do my best. I'm certainly not as expert as a lot of the guys on this board on this topic, but by listening to people who know more than I do about this, I've learned quite a bit.
For starters, it seems that everyone's first mod on their Mustang is to change the stock air intake with a cold air induction system (CAI). This is a good basic mod and will help the car to "breathe" better by allowing it to get air from outside of the engine compartment that is colder than the heated air under the hood. I would try BBK or K&N as good manufacturers of such a product. Make sure the application fits your car.
As for chips, I've heard from more experienced folks that they're often not worth it and are more of a gimmick. You may want to check with a mechanic or someone more experienced about advancing your timing and/or tuning your motor to help create an optimum air-fuel ratio for your motor.
Better yet....here is the bible of sorts for this type of question from this site. Read it, read it and read it again.
http://www.allfordmustangs.com/forum...uide-mods.html
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92 LX Hatch 5sp...306, CAI, 4.10's, Headman Headers, offroad h pipe, springs, TrickFlow Track Heat HCI set-up, 24lb injectors, MSD Ignition, 70mm TB, etc. ..........12's....
Newb....need help with first mods 
