need help on my 94 cobra

You already have it. Just take out the air silencer from the other side of the fender and drop in a K&N stock replacement filter and enjoy!

what about a full set up ?

Just go to summitracing.com and look it up. They have a few from K&N to March to a BBK setup ranging in price from $130.00 to $177.00... Jegs.com has a few things... Up to you but a lot of folks where I live at have been using the BBK and March setup...

im really new to the mustang world and car tech in general so thanks for help guys. how about exhaust

or any advise on the car

BBK 1 5/8" equal or unequal length headers (your choice) BBK 2 1/2" H or X pipe and 2 1/2" Flowmaster American Thunder (two chamber) running out the back!!! Awesome sound altogether... Then maybe some 3.55 or 3.73 rear gears to get that heavy SN-95 off the line quick you would be sittin' pretty then!!!

Mac Performance Parts

Just go to Mac Performance parts thats what i did on my 94 cobra. Got Shortys ceramic coated high flow cats on x-pipe into flowmaster 40's and a cold air intake. i had to put cats on for emmisions from an off road no cat system and even wit the hi flos lost at least 20 hp wit the headers and cold air i gained it back and then some.