Back from the Dyno - What next?

To make a long story short, my 94 Cobra, which is basically stock with 150K, short of a BBK H Pipe with Cats, and a Flowmaster 2 chamber Catback system. He (my younger brother) also recently rebuilt the T-5, and has a newer clutch. Everything on top of the engine is bone stock. Also, the PCM was bad for 3 of the 4 years he had it, and the mods he did was to compensate for a poorly running car because of the Computer being out. I got it for 82 bucks on Ebay.... much better, but still underpowered.

I changed the plugs, air filter, put on a set of Ford Racing plugwires, and took it to the DYNO..

It was running like pure crap, and they tuned it for me.

First pull - 185 HP / 210 TQ

The AF Ratio was well over 15, and as high as 16.5 on the high end of the power band, and the mechanic checked the Stock Mass Air meter, and the with my bro having a K&N for 3 years and not cleaning it, it was BLACK.

He put adjusted the air box (wasnt quite clamped down right), and cleaned the Mass Air Meter and power jumped on the second dyno run

Second pull - 218.5 HP / 245 TQ

This pull got the AF ratio down to about 15, throughout the entire power band.
For the final pull, replaced the Fuel filter which was probable original or close to it, and set the timing to 14 degrees, as he had it around 0 degrees.

Third pull - 223 HP / 251 TQ.

AF stayed around 15, and it's still running lean, but more like 14.5 throughout.

He said I should run it for awhile for the computer to get used to the Mass air meter being clean, and I actually disconnected it to let it learn again, as it ran forever in a horrible state.

My question has 2 parts. Will a new 255 LPH fuel pump and a fuel pressure regulator get the ratio down to where I need it to make more power, and most importantly....

Is there anything I can do to the engine to get a noticeable increase in HP?
With a good clutch, tranny, and 3.55s in a recently rebuilt rear, I'm not worried about the power. I just dont want to spend money on parts I won't be able to reuse when I go to rebuild the motor (probably a DSS / Kenne Bell combo, unless something better comes along).

I am trying to keep up with a buddy of mine who is at 300 rwhp on the dyno in a 92 limited edition convertible.

Recommendations?

THANKS in Advance.

You were right.... I went and got the Dynosheet, and I was off slightly.

Torque was 263.9.

Slightly better, but not much.....

What gains can I get without going too deep in the engine? I was considering
going with AFR185 heads on the next engine, and the stock headers are on the car.

But if I get heads, I'll probably do the cam, and tons of other parts while in the process, and I'm trying to stay on the relative cheap until I redo the whole thing.

Any ideas? and no... no pulleys, CAI, TB, nothing is done on it... Period, but I want to know the way to best gain HP/TQ.

BTW, here's a pic...

Thanks alot!!!

These Cobras came with 240HP from the factory, at the flywheel.

I did what someone suggested, and disconnected the battery.

Maybe the PCM will self correct, reset the tables, and richen up.

Otherwise, I guess there arent too many options. The shop suggested
a CAI, but of course he was going to sell it to me. I could do that, an AFPR,
a new fuel pump, and still be lean and only gain a few HP.

What rear ends do you guys with high HP rebuilds use?
I was thinking about steepening the gears to 4:10s, but would want to rebuild or replace the rear end when doing it, so I could reuse it in the new application...

Actually, now that I think about it, If I were to get a chip (Diablo),
would It be able to fix the lean condition? I could always get it
reburned later, or isn't this worth it for an unmodified car?

The car has a rebuilt tranny, and I doubt my brother swapped for a Cobra T5. I really wish he had kept the original tranny for the car.

How much for the rear axle replacement?