Heads / cam / intake could get you there, so could a budget turbo kit (On3). Both of those are maybe in the 2-3k range when all is said and done (with supporting mods like injectors and fuel pump) . I don't know if that fits your idea of 'budget.' Nitrous is less expensive, at least initially, but the bottle filling adds up over time.
If you do the work yourself, you'd be a bit above $3k - kit looks like ~$2800+tax most places, they say you need the 'SN95 adapter and 3/8 intake spacer' too, then you'd want a fuel pump & injectors if yours are still stock, and then the tune. The kit says ~360hp at the crank so at-the-wheels is going to be a bit less than that (especially if you have an automatic).
It's a very common upgrade, I imagine others (in the parent forum too since Foxes would use roughly the same kit) could give you some real dyno numbers.
I went the turbo route myself - much more work but 450 at the wheels was well within reach for a significantly lower price (if you're not afraid of a 'budget' kit which I wasn't). Only problem these days is there aren't many budget kits left - on3 seems to have their 94-95 kit permanently on back-order, and the place I got mine went out of business years ago (Boost Brothers). Not sure what I'd do if I had to do it again today - probably modify one of their Fox kits to fit, or go with the Trickflow setup. There's a Procharger available but that's around $4k.
Here's some more info:
https://www.on3performance.com/shop/1994-95-mustang-gtcobra-turbo-system/
You'd need the kit, Y-pipe, oil filter relocation kit, then injectors / fuel pump / tune. You'd also need to do something with the MAF as the stock wouldn't work.
You’ll be fine. You can comfortably run 400rwhp with a turbo kit for quite awhile.How much power can the stock bottom end handle?
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