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Just got my 4.2(auto)two months ago. Put on a Flowmaster(50series) cat-back first. Noticed a performance improvement right away. Doesn't have the deep growl of a big V-8, but sounds a lot better than stock. You don't really need to go with one of the name-brand cat-back systems; a good muffler shop can build a system for a couple hundred, or a bit more with a nice stainless or chrome end-cap. Next I got a Superchips performance chip, based on the recommendations I read on several F-150 websites. Didn't seem to be a big difference in hp, but the shifting improvement was worth the money. Suppose to use super-unleaded with the chip tho', so that's something to consider. Although Superchips offers a flip-chip, for a bit more, that allows two programs, i.e.- you could have one setting for low-octane for longs trips & such, and another setting for performance. I put on a K&N replacement filter last. Breathes a bit better now, I could hear more air flowing just revving it in the driveway. Didn't go with a complete air-kit yet. Trying to save a little money and thought I'd try some of the stock airbox modifications I've read about first. Asp Racing(www.aspracing.com) just came out with a crank under-drive pulley that's gotten some good write-ups from people who've installed them. Reasonably priced and easy to install with about 10hp, but most noticeable in the upper rpm ranges. Also, with this particular engine, I've read from several sources that the throttle body spacers are a waste of money. Hope this helps a little.
Thanks a lot for the information. I'm just trying to gather information and then decide on which way to go. What are the other web sites that I can get some information on upgrading my truck? Thanks for your help and I'll let you know what I end up doing.