i will have a pic online soon enough.. but i want to improve performance,,, my first thought is a new chip.. what u guys think?

I don't think you can chip that thing.

For the money, a chip won't do any good for your car, in fact, you'll probably be disappointed with the results. Do an HO swap, get AFR 165 heads, 1:7 roller rockers, bigger injectors, under drive pulleys, and fab-up a cold air intake.

Or, just stroke her to 347... :gr_devil:

chipping an LX 5.0 is a waste of time. Those engines are not really friendly to modification. Best bets for power on one of those short of a full conversion is a set of 90 TC headers and a dual exhaust if not already equipped. I'm also told that using the HO upper intake on the stock engine should get you some power gains but I can't imagine it being a whole lot. Changing to the HO's E7 heads will help. but at that point, it isnt a whole lot more to change the cam and PCM and call it finished. An HO conversion/transplant is your ideal for future mods, because at that point you're driving a Mustang powerplant.