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I'm thinking in the short run, within your price range you could do a cam, headers and exhaust. You have to be careful with your cam selection since you have Speed Density EFI. Make sure you get a cam that is SD friendly. If you have a lot of miles on your engine, you'll probably want to replace the timing chain/gears while you're in there but you can get an economy double roller set for under 30 bucks.
Doesn't do much good to cam an engine if it isn't running properly to begin with.
Fix vaccum leaks - Check between Plenum and intake especially
Replace belts and hoses
Tune-up (plugs / wires / Cap / Rotor / PCV Valve / Air filter / Crankcase Breather / Fuel Filter / check timing)
Check / change all fluids (Diff / Tranny / Tranfer Case / Antifreeze) - Keep it running cool and reduce the friction
Fuel Injection Cleaner
Check fuel pressure
Scan for codes
Oxygen sensor (Every 25K to 30K miles) - They operate slower with age
Oil Change w/ filter (Motorcraft Filter) - Consider Synthetic or Blend
Dual Exhaust (No bigger then 2.125 Dia pipe - consider 2")
Don't open up the exhaust too much. You will lose low end torque and the exhaust will not properly scavenge
Definitely check for timing chain slack - replace as needed (high mileage)
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