four cyl performance?

Right now I am hunting for just the right 5.0 project car.
However, my wife has an '87 4 cyl Mustang auto trans. It has a perfect body and is in great shape.

However, the stock 89 hp (or whatever) is laughable, for a 2.3 L OHC engine, so I am thinking of doing something about it.

I know a 429+C6, or at least a Turbo Coupe driveline would be great addition, but I am thinking of just a modest improvement.

The head must come off soon to rebuild the valve guides, so I am thinking of a performance camshaft, K&N filter and maybe exhaust.
Are there any other (affordable) mods worth considering?

Has anyone done this before? Any thoughts on some parts suppliers?
Am I wasting my time?
Should I teach my wife to drive a 5 spd 5.0 (not likely!)

Any polite advice would be greatly appreciated.
Thank you.

i'd try and find a turbo motor from an SVO and swap that in. if you can't, go ahead and do your camshaft and induction mods, and get some roller followers. followers are a big HP restriction on 2.3s. some exhaust mods wouldn't hurt either, as long as you dont' make it sound like rice (imo). a gear out back will make a huge difference in the seat-of-the pants feel.

them's the basics... not a lot of guys on here know much about 2.3s. personally, the only time i'd use one is in roadracing... got one sitting in my garage that i'm gonna build someday for that purpose.

reread the post, forgot something...

personally i think you're wasting your time... you can get yourself a carb'd 5.0 fairly easily (and cheaply) and throw an AOD behind it. hell, i'll sell you a 90k aod for cheap outta my '89. the 5.0 and trans will bolt right up to your existing crossmembers, and if it's carb'd the wiring is minimal.

Thanks for the input. I am tempted to turn this into a serious project, but then what would the wife drive??
I already have a bunch of projects that I won't let her drive.
If/when I have the head off, I will work on it. If I find the cyl bores are tapered and have lots of wear, then it becomes a serious project.
I can get a Turbo Coupe engine for about $50, but it's been outside for 6 years and needs a rebuild.

i'd say just do that turbo motor new turbine rebuild with some stronger parts and boost controler so its tame enough for the wife and tough ehough for the track

i can't say i hear that much about the 2.3L N/A ever infact my only stang kill was a 2.3L stang heck its motor still was 800cc bigger haha