Without changing the cam that Torker intake is overkill, it's gonna destroy your low end power. You'd be better off with something like an Edelbrock Performer, Performer RPM or Holley Street Dominator.
Everythings got to work together as a package - intake, carb, cam, exhaust, rearend gears, etc. The power range of the stock cam isn't gonna work as well with the Torker as it would with the others. The gears will help a lot though.
Make sure it's timed just right too, follow this little set of rules:
Ignition timing has to follow the rpm curve. At idle, ignition timing should be around 6-10 degrees BTDC (V-8 engines). At 3,500 rpm, the ignition timing should jump to 39-41 degrees BTDC. Never push the total advance beyond 41 degrees BTDC. Adjust the vacuum advance so it doesn't come on too quickly or too slowly. Too quickly and you'll get detonation and spark knock. Too slowly and your Mustang will fall on its face. Spark timing happens in two places: the vacuum advance and centrifugal advance. The vacuum advance does its work during acceleration. Centrifugal advance comes into play once the engine arrives at higher rpm. The vacuum advance works during acceleration, giving way seamlessly to the centrifugal advance when the car reaches cruising speeds. You can change the springs in the distributor to make the total advance happen at a lower rpm.