GEARS, GEARS, AND MORE GEARS!!! Oh yeah, and exhaust, pullies, etc...
Those are the basic "stock" 5.0 mods. If I had 7K however, I'd invest in a dart block and build a stout 331 or 347. Then I'd do H/I/C and a blower. I'd get a TKO and Spec stg 3 clutch as well...