As my first post here, I'll tell you about the way my car is set up. The fellow I bought it from used to autocross with it, so it's got a bunch done. Baer 13" front and 12" rear disc brakes. Still four lug BTW. I see no HUGE reason to do a five lug conversion other than you have more wheel choice. To continue, FMS quick ratio power rack, all steel steering shaft with welded u-joints, strut tower brace, K member brace, welded sub-frame connectors, MM rear panhard bar. BBK upper and lower rear control arms. Oversize front and rear sway bars w/urethane bushings.It also has a new WC T5 w/Pro5.0, a FMS HD clutch, aluminum drive shaft, SVO aluminum rear cover. Wheels are TSW 17X8s. Tires are Yokohama 245/40/17s all around. "Z" rated BTW. The car WAS lowered 1.5" all around and sat nose down and had terrible problems with the front tires rubbing the upper outer lip of the wheel well on a powered turn. All that expensive suspension work & you couldn't use it! I reinstalled stock front springs which brought the front up 1.5". Now the car sits level and has no tire rub problems. As you might imagine, with all the work,quick steering, etc, it's like driving a go cart. A ball on middle Tennessee's curvy roads.
I agree with lots of what's been posted. Disagree with some statements. Heck, since you are a tech, the car is likely in great shape as far as running gear and power train. The only thing I'd really recommend for your first track day is subframe connectors. IMO, even stock cars that never see a track need that. See how you like the experience, then prioritize the changes you'd like to make. My car is about as far as one would take a primarily street driven car, except, perhaps for coilovers on the front.
Oh, one more thing before I end this. The previous owner told me that Fox chassis Fords (NOT Fox body BTW) have a big problem with rear steer when on the road couse or autocross. WHen severly side loaded, the rear axle can actually move sideways up to 2 inches. That's what the panhard bar controlls.