Finish out the exhaust. There is quite a bit of power waiting to be unleashed by upgrading the rest of the components.
The headers look all right, but you will likely need a custom y pipe.
To make it easy I'd go with shorty headers and a bassani y pipe.
Part# 58150B2 Bassani Exhaust - Bassani.com
If you need a cat for smog, add one on from Magnaflow. If you live in California, you'll need two cats and I would call Magnaflow specifically to make sure you get the correct ones. They are pricey.
Then your engine upgrades..
Anything goes except for the cam. SD can not handle a cam that isn't close to stock, not even an E303. Bigger displacement and/or injectors will require tuning but same thing with Mass Air.
With the engine I'd build it like this:
351/357 cubic inches. Bump the compression to 9.5:1 if you get into the bottom end. If not fine.
convert to roller lifters (you have 94 roller ready block with flat tappet lifters)
stock 5.0 mustang roller cam
GT40 heads, edelbrock performers, twisted wedge, AFR 185's. Anything but stock heads
1.6 roller rockers, new pushrods
Edelbrock Performer truck 5.8L manifold. But check clearance in your van first!! I never had a E150
After that, you would be looking into transmission upgrades. The E4OD will handle a ton of power, but definitely not in stock form. They start to slip over 400 to the flexplate. The determining factor of how radical your engine is built, would be weather or not you want to spend thousands on upgrading the E4OD. Even before then, you will want a supercooler, tranny temp gauge, and a remote inline filter kit.
This should keep you busy for a while
