Just throwing this out there.
If it runs do a compression test and post up the results. If the numbers are low then do a leak down test as it may be the heads.
If the compression numbers are good the I would drop the pan and replace the oil pump drive shaft, oil pump, and oil pump pickup tube. From there I would either put a TFS kit on it (heeds, upper, lower and cam) or call Ed Curtis and have him spec it all out. Ditch the stock radiator and get a good two row aluminum unit. Your choice on the stock mechanical fan (if you keep it install a new fan clutch) or install an electric fan and whether or not you think the stock water pump is in good shape. You will need at minimum a 65 or 70mm throttle body and I would upgrade the MAF to a 75mm calibrated for some 30 lb/hr injectors. 24's might work but 30's would keep the duty cycle down low and the idle will be better. Upgrade the stock fuel pump to a 190 lpr and change the fuel filter.
I would also suggest you at a minimum go with 1-5/8" shorty headers, 2-1/2" H or X pipe, and your flavor of 2-1/2" cat back. That motor will need to breath.
No you should not need a tune for the car to run pretty well. Will a tune help? It won't hurt but it should not be necessary.
More than one way to upgrade the motor but if the stock short block is in good shape then no reason not to use it. You will make around 300 rwhp which is all kinds of fun in these cars.
As for the brakes just move up the SN95 stuff and go here:
Starting this thread with the hopes of reducing the number of 5-lug or general brake upgrade threads that have been appearing on the forums since most of the major brake conversion sites have gone down.
This thread will be strictly informational, and any off-topic banter or user specific questions will be deleted/edited at discretion of mods. I don't want this to turn into a 21-page thread where someone can't find the info they need.
WHat I need are people who are knowledgeable in specific conversions to write up threads detailing the parts they used and such. FOr example, someone...
Mustang5L5 did a great job getting all the info in that jewel of a thread.