Last time 5.0 Mustang Magazine dynoed the bassani cat-back on a GT, they picked up roughly 10 hp and an additional 7 hp from the x-pipe (with some power/torque loss at the low end).
Expect slightly larger gains on a supercharged application (like the 03 Cobra).
I don't know what kind of numbers you would get by replacing the x-pipe and leaving the exhaust stock (obviously, when they bolt on BOTH the x-pipe and the cat-back, they're losing some backpressure going to the larger diameter pipe which causes the loss in low-end torque or a loss in boost if you're supercharged).
There's an old issue of 5.0 where they took their project GT (vortech SC) and they ONLY replaced the mid-pipe with a magnaflow x-pipe w/ cats and picked up ~30hp!!