Before you shoot yourself in the foot, learn what system does what. Disable the wrong one and the computer goes into limp mode, reducing performance and triggering the check engine light.
All the smog gear shuts off at WOT, so removing it won't gain you any useful HP.
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 Charles Probst :ISBN 0-8376-0301-3.
It's about $20 from Borders.com see http://www.amazon.com/ . Select boo...engine/images/mustangFoxFordVacuumDiagram.jpg