Engine Car has no power under acceleration, but has no codes

Hello StangNet, and sorry for my first post being a help thread but I’m truly stumped here. My 1994 Mustang Cobra is running horribly. It has no power under acceleration and the exhaust has a horrendous sound. I dumped the codes but there was nothing there to indicate why it runs so poorly, just normal EGR and smog codes as the previous owner trashed it all and it ran fine with he stored codes so I never paid them mind. Cylinder balance test came back fine, with a 9. I already replaced all the spark plugs, but to no avail. I wanted some advice as to where to being now.

Thanks to all.
 
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Just one thing I have run into before. Go hard on it a little bit, and then pop the hood. If it feels abnormally hot under that hood, you might have a plugged up catalytic converter. That's a problem that really kills power, and doesn't throw a code.

Kurt
 
General, sorry for the wait, but I was finally able to check fuel pressure. KOEO was a surge of 45psi, then settles at 40. It did this all 5 times I tested it. KOER had 3 runs of 35psi and 2 runs of 34psi.

Kurt, the car has no cats, I live in an area with no smog testing and all the smog equipment and cats were removed before I purchased the car. I also didn’t notice any abnormal heat while driving around.