Accufab is pretty, a c&l plenum with an accufab or other 75mm tbody will get you more horsepower. A cold air induction won't really do much for you, look at C&Ls other products, you might see something you will like www.cnlperformance.com :mrgreen:
give it to me I would probably work on getting more air into the motor. If you do gears you would need to get a chip to fix the speedo, and me personally I would wait on the chip untill I was pretty much done with mods, so you don't have to pay twice to get re-programmed/ or dyno tuned, etc.
Any gear lower than the stock 3.27s will help, and the GTs do quite well even with the stock 3.27s for that matter. I had 3.73s, they did a bit of a number on the mileage with my auto GT, 4.10s, 4.30s, even 4.56s are great if you plan to be on the drag strip a lot, but if you want to drive you car on the highway, and you want to get decent mpg, don't go for anything lower than 3.73s, that is my advice, but if you want to get it to the end of that 1/4 mile fast, sure, go low, go 4.30s or 4.56s, just remember its going to cost you at the pumps.
Now if I was going to be running down at our local 1/8th mile drag strip once or twice a week all season, and I had another car to drive around most of the time, 1/ I wouldn't have traded for an IRS rear end 2/ I would have beefed it up with a better aftermarket traction control device and 31 spline axles and beefed up girdle. 3/ I would have RGR doing cams and port and polishng heads etc for me with oversized stainless steel valves, putting in a Cobra crank, forged rods and pistons, and looking for a deal on the best Supercharger setup I could get, but this is my daily driver and its a street/hiway machine, not a drag racer.