I personally would get the Strim even though the turbo makes more power. That's 3500.
Accufab 75mm throttle body and 76mm mass air-500
Intake of choice 400-600
Heads of choice 1000 give or take
Cam of choice 300
3.73s, short throw and sfc-600
good tires-250
exhaust-800
dam 7 grand....
are you doing the work yourself?(the nuts and bolt work) if not that could make 7 grand look pretty pathetic...
personally if i had to do it again i would go with twisted wedge heads, stage 1 cam or ecam , track heat intake. and 10-12 lbs of boost through an S-Trim... then of course the bolt on's Full exhaust,gears,subfram connectors and a bit of suspension and a nice tune
Go through the car and make sure everything is up to spec, no rust, holes, dings........this is priority #1.
Personally I would upgrade the suspension, put a roll cage in, get the subframe connectors. Set of good rims, and good tires, gears in the rear end, T45 cobra tranny, aluminum drive shaft. This will make a good stiff starting point (fox body's have a tendence to twist if to mush power is supplied)
This set-up will give you a good street car, and excellent starting point.........if you have money left over, then re-build the 302, or build it. Then I would suggest a cam, intake, head work, exhaust.................
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...