92 Mustang Mods?

Well, the honest answer is that there isn't a whole lot you can do to the N/A 2.3l. The thing that makes a 2.3L engine shine is a turbocharger, and generally it is easier to swap the entire engine from a Thunderbird TC or wrecked SVO than to rebuild your current engine to accept a turbo.

So, you need to decide what you want out of this car. If you plan to keep it a 2.3L and drive it for a while, then save your money and focus on eventually swapping in a turbo engine.

If you plan for a v8 swap down the road, then save your money for that.

Lastly, if you just plan on using the car for daily driver duty and don't ever plan to modify it much, then you can do a few minor things. If this car is a 5 speed, then you could swap it from it's 3.45 rear end gear to a 3.73 or 4.10 gear.

You could do some exhaust work, including replacing the header and opening up the pipe from 2 1/4 inch to 2 1/2 inch. Under-drive pulley's haven't show to be all that effective, but you could give it a shot. Remove the air silencer and add a cold air intake for a small power gain.

Ultimately, you might gain 10-15 horsepower from doing all the bolt on stuff. If you got more radical and changed the cam or bumped the compression, then you might gain more, or if you did a stroker crank and increased the displacement to 2.5L. That is all expensive stuff, though.