The intakes on the 5.0s are pretty awesome from the factory, so a CAI isn't much of a gain. On the other hand, every Mustang I've heard with Borla Stingers turned heads, 4.6 and 5.0 alike. That's where I'd start. If you have a manual, don't forget a Barton or MGW shifter.
As long as you're N/A, I'd definitely recommend Brenspeed and an SCT tuner, but if you end up going FI, a dyno tune is a must.
If it's in the budget, my personal choice would be a set of LTs, Borla Stingers, a few mods to curb that IRS wheel hop, and a dyno tune and call it quits. That 5.0 would scream.
2007 Mustang GT 302 stroker 6060 swap, 3.73 gears, Hidden Hitch Receiver, Barton Short Throw, JBA LTs, Borla Touring Axle Back, Lito tuned SCT X4. BMR SP009, Bilsteins, J&M CC plates, J&M LCAs. 4 Piston Brembos
DOB GT450 with VMP Gen II 2.3 TVS | 13/14 GT500 HE & IWP | GT500 hat & DW340s | FRPP 52lb | CMS Stage 2 Blower Cams | Comp 113 Springs & Retainers | 8 rib conversion | Track Spec GT500 Vents | PTFE Heat Barriers