The 5.0 and 4.6 are different and you don't want to just do the same stuff you would do to a 5.0 like you would a 4.6, like cams to start with.
If you have a 97 Cobra, I would get either 3.73's or 4.10's if you have the stock 3.27's. Best bang for the buck.
If you don't go that route, i would look at maybe starting at a CAI, UDP's, X pipe, catback exhaust or any of those would be a great start. AFter you get a few mods done, then get the hand held tuner like Xcal or Diablo, then later get a dyno tune for max/safe HP. good luck with mods
