I still say gears next. 3.73's would be good, but if you do a lot of hwy driving then 3.55 will help save some mileage.
After that it just depends on how far into you want to get. Exhaust would be a simple mod to have done.
I would look at doing a split port swap. A lot of '94-'95 3.8's have head gasket issues anyways, so it'd be a two birds with one stone kind of thing; pick up at least 40hp and avoid a potential problem.

There are now a decent number of '99-'04 cars in salvage yards to get the split port parts from.
BTW, if you do find a '99-'04 car in a yard, grab the front brake calipers as well. The difference is crazy. I miss the brakes in my '01 V6. But my '95 is getting Cobra calipers up front tomorrow.
