The stock computer will work well with your combination and far beyond what you currently have. It is adaptive and will make adjustments for most modifications except NO2 or pressurized induction.
The combination of a H pipe without cats and some bad O2 sensors will make a smelly car. Without dumping the codes, you have no idea what sensor or system is malfunctioning.
If you are going to keep the car, plan on learning about what makes it run and how to work on it. Paying someone else to do the work will make you poor and frustrated. A Helm or Chilton's shop manual will be your friend. An investment in tools and some books will be a must have.
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...ttp://www.veryuseful.com/mustang/tech/engine/
Brakes and 5 lug conversions are Matt90GT’s specialty
http://www.svo73mm.cjb.net/
Wiring diagrams for your car: AutoZone has them -
http://www.autozone.com/servlet/UiB..._us/0900823d/80/19/59/5a/0900823d8019595a.jsp
Electric fan and alternator upgrade (can’t do the fan without a bigger alt)
http://www.geocities.com/smithmonte/Auto/
To make sure your second hand rose doesn't turn into a sticky cactus, you need to some investigation. Check to see that all the sensors are connected. MAF, MAS, TPS, ECT, ACT, O2, VSS & EGR all need to be plugged in. The fuel pressure needs to be set at 37-39 PSI. The stock fuel pressure regulator isn't adjustable, so if it is out of spec, replace it with an adjustable one. AutoZone or other auto parts store will rent/loan a fuel pressure test gauge.
Here's how to dump the codes and see what the computer says is wrong…Codes may be present in the computer even if the Check Engine light isn’t on.
Here's the link to dump the computer codes with only a jumper wire or paper clip and the check engine light, or test light or voltmeter. I’ve used it for years, and it works great.
See
http://www.troublecodes.net/Ford/
OR
See
http://www.mustangworks.com/articles/electronics/eec-iv_codes.html
IF your car is an 86-88 stang, you'll have to use the test lamp or voltmeter method. There is no functional check engine light on the 86-88's except possibly the Cali Mass Air cars.
Codes have different answers if the engine is running from the answers that it has when the engine isn't running. It helps a lot to know if you had the engine running when you ran the test.
Trouble codes are either 2 digit or 3 digit, there are no cars that use both 2 digit codes and 3 digit codes.
For those who are intimidated by all the wires & connections, see
http://www.actron.com/product_detail.php?pid=16153 for what a typical hand scanner looks like. Normal retail price is about $30 or so at AutoZone or Wal-Mart.
Or for a nicer scanner see
http://www.midwayautosupply.com/pc-7208-90-equus-digital-ford-code-reader-3145.aspx – It has a 3 digit LCD display so that you don’t have to count flashes or beeps.. Cost is $35.