If you plan to autocross the car, it's a good idea to look at the SCCA Rules before deciding on mods. Many of the common mods people make to their Mustangs move them into SCCA Categories where they could be competing against heavily modified cars. When you're starting out, your goal is to focus on building strong autocross driving fundamentals. If your car is in good mechanical shape, you don't need to make any mods to start autocrossing.
The issue people run into when they decide to autocross a stock Fox Body Mustang is the age of the OEM suspension components. I'll use bushings as an example... All the old OEM rubber bushings should be replaced. Replacing them with new rubber bushings can sometimes be more expensive than upgrading to poly/Delrin bushings. But upgraded suspension bushings are not legal in Street Category (where most people start out). The MM Starter Box will also move you out of Street Category. MM makes great parts, but I personally wouldn't recommend that kit as the best bang-for-the-buck "starter" setup for an autocross car. I would also not recommend buying inexpensive coilovers. You get what you pay for & many kits don't include adjustable shocks & struts. Coilovers are not legal in Street Category.
I'm a huge fan of adjustable shocks & struts, even for budget autocross builds. Single & double-adjustable shocks & struts are legal in Street Category. You can also change 1 sway bar. If you have a 5.0 LX with an OEM front sway bar, I'd recommend installing a stiffer 25mm rear sway bar. Using adjustable shocks & struts and a stiffer rear sway bar will transform the way your car handles. And, depending on the brands you choose, you could have room in the budget to replace your rubber bushings. Your car won't be lower, but it will handle much better. And you'll be able to adjust your suspension (it's easier than most people think).
I'm happy to answer any questions you might have about a budget autocross setup. But you can also find detailed information about autocross mods, autocross driving tips, and autocross-tested performance parts reviews on my YT channel:
https://www.youtube.com/@warhorseracing/videos