Hey another Islander!
to Mustang Evolution
As for mods I'd say some rear end gears - is it a manual or automatic? For manual I'd say 3.73 to 4.10's (some say closer to 4.10 because the gear ratios changed slightly for 05+) and for the auto at least 4.10's. They won't give you extra horsepower and but will give you a kick in the *** off the line (quicker acceleration). If you can and while you are at it go with the 8.8" rear end and maybe any other drivetrain components (e.g., aluminum driveshaft).
Looking at performance a cold air intake and swapping to a dual exhaust is a great start and not that hard to do yourself. If you plan on doing a chip I highly
suggest getting a custom tune. There are a lot of good sites these guys know of that will have mail order tunes. You'll proabbaly hear Bama Chips can do amazing things with the V6 platform because that's all I've heard. Personally if it was me I'd go over to Real Speed in the Ronkonkama/Bohemia area and have them dyno and tune your car.
Finally there's always dropping the 'stang a bit. Maybe some new shocks/struts and springs to lower the car and some better handling.
Stick around and if you have any questions just ask! All of us here love chatting about all cars and helping each other out.
And do I see that correctly? 2 Maserati in your sig?