engine question?

Like i have said before my car should be fast but is not performing to its full potential. before i noticed that my car burns oil. now i noticed that on my oil refill cap (the magnetic part) that there was little pieces of metal. could that be parts of my pistons,valve seats, or piston rings. my car should be in the mid 13's at least. i am suspecting the high 12's. but right now i am about low 14 or high 13. any ideas?

Is your 89 5.0 a convertible, hatchback, 5spd or AOD? Is it stock or modified? 1989 5spd 5.0 Car and Driver reports 0-60 6.2seconds, 1/4-mile ET 14.80 at 95mph. The 2003 Mustang Cobra SVT 0-60 4.5seconds, 1/4 12.9. Hp 390 @ 6000 Torque 390 @ 3500. (just for comparison)

More information please. What's been done to the motor? Details

i dunno, id say it might be the pistons, eating up the walls. double check the air/fuel ratio to make sure thats all fine and dandy, but without knowing what exactly was done to the car, who knows

I would run a compression test first. The highest and lowest shouldn't vary over 10% . Pistons and bearings are non magnetic so it may be steel particles you see.

I would run a compression test first. The highest and lowest shouldn't vary over 10% . Pistons and bearings are non magnetic so it may be steel particles you see.
Wet and dry compression test. I would also run a leak down test.