Yeah, out of a bolt on upgrade, you'd probably be looking at 260-280rwhp ish with supporting mods. I'd get the gt40 setup, and put an s trim on it. You keep stock drivability, and stock gas milage if you can stay out of boost.
1986 GT with the typical poor boy mods. 3.73s, Hurst short throw, King Cobra Clutch with aluminum quadrant, lowered two inches on Eibach springs, Hopefully adding some heads and a decent intake soon!