Removing the pollution control equipment from a 5.0 Mustang is a bad idea. All you have accomplished is to make the computer mad and spit codes. The pollution control equipment all shuts off at wide open throttle, so the HP losses from it on the car are 2-5 HP. The catalytic converters may soak a few more HP than that. None of the pollution control equipment reduces the HP enough to cost you a race in anything but professional drag strip competition like Pinks.
If you removed the smog pump and still have catalytic converters, they will ultimately clog and fail.
Remove any of the equipment and you will not pass a full smog check, cannot title the car in an area that does smog checks and have broken several federal laws. Granted that the Feds are short on people to check cars, but it is still Federal law.
Know what does what before removing it. Remove or disable the wrong thing and the computer sets the check engine light and runs in "limp mode". Limp mode means reduced power and fuel economy.
Here's a book that will get you started with how the Ford electronic engine control or "computer" works.
Ford Fuel Injection & Electronic Engine Control 1988-1993 by James Probst :ISBN 0-8376-0301-3.
It's about $20-$35 from Borders.com see http://www.amazon.com/ . Select boo...ytic-converter2.htm]HowStuffWorks "Catalysts")
What happens when there is no extra air from the smog pump...
As engines age, the quality of tune decreases and wear causes them to burn oil. We have all seem cars that go down the road puffing blue or black smoke from the tailpipe. Oil consumption and poor tune increase the amount of HC the oxidation catalyst has to deal with. The excess HC that the converters cannot oxidize due to lack of extra air becomes a crusty coating inside the honeycomb structure. This effectively reduces the size of the honeycomb passageways and builds up thicker over time and mileage. Continuous usage under such conditions will cause the converter to fail and clog. The extra air provided by the Thermactor Air System (smog pump) is essential for the oxidation process. It oxidizes the added HC from oil consumption and poor tune and keeps the HC levels within acceptable limits.
Newer catalytic converters do not use the Thermactor Air System (smog pump) because they are designed to work with an improved computer system that runs leaner and cleaner
They add an extra set of O2 sensors after the catalytic converters to monitor the oxygen and HC levels. Using this additional information, the improved computer system adjusts the air/fuel mixture for cleaner combustion and reduced emissions. If the computer cannot compensate for the added load of emissions due to wear and poor tune, the catalytic converters will eventually fail and clog. The periodic checks (smog inspections) are supposed to help owners keep track of problems and get them repaired.