11 seconds with 3.73 gears is going to be tough without dropping ALOT of money into your car.
Some things you might want to consider:
. Quick and effective. gets a good boost in power, and isn't expensive to purchase up front.
Forced induction... My personal preference would be a turbo kit. There are guys out there like BG, On3, and PonyDown might still be around.
You E7 boat anchors are going to be your biggest restriction. If you want to stick with a stock head, I strongly suggest a set of GT40 heads. Off a 93-95 Cobra or 96-97.5 Explorer.