My next mod...
 

Hey guys. I'm fairly new to Mustangs but I have some modding experience. I have an 01 GT with a Magnaflow exhaust, catted H-pipe, fenderwell intake, and a short throw shifter. I have 3.73 gears going in shortly. I'm at least a year away from any kind of forced induction. I don't have any kind of tuner/chip yet.

Would cams and/or heads be a good choice for my next upgrade? I don't mind investing the money if the mod is worth the effort.
I would appreciate any advice you guys can give.

Cams and heads are going to require you to be dyno tuned and you should have headers to benefit the most out of heads and cams to keep the air moving in and out. Honestly, heads and cams are a nice upgrade but you can spend the money for a huge chunk of a blower install. Thats what your next upgrade should be... the blower. keep saving.