What emissions can I remove

It looks like I can:

Remove the air pump and use a 84.5 inch belt
remove the EGR and related solenoids
Plug the tubes in the back of the heads
Remove the CATS

Will doing this make the check engine light come on and how will it affect the way it runs?
 
Removing the pollution control equipment from a 5.0 Mustang is a bad idea. All you have accomplished is to make the computer mad and spit codes. The pollution control equipment all shuts off at wide open throttle, so the HP losses from it on the car are 2-5 HP. The catalytic converters may soak a few more HP than that. None of the pollution control equipment reduces the HP enough to cost you a race in anything but professional drag strip competition.

Know what does what before removing it. Remove or disable the wrong thing and the computer sets the check engine light and runs in "limp mode". Limp mode means reduced power and fuel economy.

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 James Probst :ISBN 0-8376-0301-3.

It's about $20 from Borders.com see http://www.amazon.com/ . Select boo...e to check cars, but it is still Federal law.