Network 54 guys are a GREAT place for info....
(imho) the closed chamber heads are better than the opens. The opens had very little squish, and so no turbulence, so you get hot spots, etc... usually cant run as much timing, or compression cuz of this. (less power)
Above advice is a must. New plugs, wires, cap, rotor, fuel filter, pcv valve, check timing, change oil, tranny fluid, coolant, belts, hoses, etc... Also run a steady diet of fuel injector cleaner for the first 6-8 tanks, (full strength: 1 bottle per tank, no matter how many gallons it says it treats) to clean out YEARS AND YEARS of neglect and carbon build-up.
After all that I would search on here about tuning the carb with a vacuum guage, setting idle, etc...
If you are needing more power (again imho) the single best upgrade you can put on your car is a good 2.5" d.o.m exhaust system (duals). Magnaflow sells a good one for earlier stangs, might fit the 72-3, Im not exactly sure.
After that a simple cam/lifter/spring swap (with proper carb tuning) should be worth 30 hp with no loss of driveability. ( I like the Lunati bracket master 2 hydraulic )
But any good 1500-5500 / 2K-6K cam should work.
If you have the stock aluminum 4bbl intake it is a good one, keep it. (will go with cam above) If you have the iron 4v intake, THROW IT AWAY (save 40lbs) and get a good dual plane alluminum 4v intake (offy or wieand are ok, the edelbrock performer doesnt match the 4v ports, but the Blue Thunder is the best - imho)
If you have an automatic, you can find headers, if you have a stick (like me) you will need to make your own unless you want big HUGE head tubes that will never work with your combo...
If you have to keep the factory exhaust manifolds, read a book on head porting, then take the highspeed grinder (or dremmel) to the inside of em and smoothe all the rough edges and sharp corners and make sure the ports align. Factory castings can be off by as much as 1/8 inch (air hates to flow over a square ledge).
With the tune up, cam, manifold and ported manifolds you should be out less than 1K, possibly as little as $500, and will probably up your power output by a solid 50hp.
Also if you have an auto, save a few bucks for a shift kit, and a MILD stall converter (like 1500 rpm). It doesnt really up your power output any, but it makes it feel and accelerate better, so the seat of the pants factor equals big smiles. Thats probably another $500 for both.
Good luck with whatever you decide, and let us know if we can help. (pm if need be)
Dave-
