You could start with weight reduction, some freebie mods, and a 3.73 axle gear swap.
http://www.angelfire.com/my/fan/Mustang1995GT/Free_Mods.html
http://www.angelfire.com/my/fan/Mustang1995GT/Weight.html
http://www.angelfire.com/my/fan/Mustang1995GT/Free_Mods.html
http://www.angelfire.com/my/fan/Mustang1995GT/Weight.html