Out of the two options you basically just need to decide if you want performance or looks. Personally, if it were me I'd go with performance. But I'd rather have a cold air intake, 4.10 gears, short-throw shifter, tune, full exhaust setup, (Longtube headers, X/H pipe, Magnaflows) and suspension mods. That's assuming you don't want to turbo/supercharge later.
i would first do some exhaust work, as well as a cold air intake, tune, shifter, lowering springs and shocks n struts. after that i would do some gears and more bolt-ons. after that it all depends on how deep you wanna go into modifications.
Personally I would tell you the exhaust can wait. Lower it and put 4.10 gears in it with a tune or SpeedCal. Speed Cal is less expensive, but you will eventually buy a hand held tuner anyhow most likely. I would then do subframes and Cobra, Bullitt or Mach 1 Brakes.
anything but the cobra r bumper. Just kidding modding is completly up to you amd your goals for the car. Off road mid pipe will help your exhaust tone and add noticeable power, i have a 95 cobra r hood on my 99 mustang and i like it but i went with power first then looks
Personally I would tell you the exhaust can wait. Lower it and put 4.10 gears in it with a tune or SpeedCal. Speed Cal is less expensive, but you will eventually buy a hand held tuner anyhow most likely. I would then do subframes and Cobra, Bullitt or Mach 1 Brakes.
brakes can wait if you want to do any brake upgrades i would just do SS lines and some hawk street pads. no need to upgrade to bigger rotors as they will only provide the same amount of braking on street tires as the stockers before you lose traction, and then you will still have the same amount of braking as the stockers after you lose traction. subframe connectors will help though.