Well I think some of the biggest modifications for an automatic (besides $2,000 + modifications) dont add horsepower. If you added 4.10 gears, traction loc, a 3000 stall torque converter, you would drop more than half a second off your 1/4 mile time. Then you could add small boltons such as underdrive pulleys, cold air intake, exhaust, and to answer your other question.. there are many different opinions... I prefer mac flowpaths.
I could go on... but all of that listed above will take a second off your 1/4 time and put you in the low 15s.
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2004 Mustang GT 5 Speed
Mac O/R H Pipe
Mac Flowpath Catback
JLT Ram Air Intake
SCT XCal 2 Tuner
FRPP 4.10 Gears
13.191 @ 103.78
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