1. Nothing major, but there are a few recalls, most of them have probably been taken care of by previous owners by now. For detailed info about your take a look at this site.
www.mustangregistry.org or
www.mustanggt.org
2. The AOD is found in 84-93 V8 mustangs. The AOD-E is found in 94+ V8 mustangs. AOD-E's are electronically controlled and have improvements over the AOD. I have the B&M hammer shifter running my auto.
3. For an automatic 4.10's will be good in helping the car accelerate a lot easier. A complete exhaust system and pulleys are good places to start as well. Also I wouldn't be concerned with removing the air bag steering wheel, not worth the hassle and such.
4. Well, do you want recommendations for tire sizes on those rim sizes you have listed? I wouldn't run anything larger then 245's on the front and 265's on the rear for normal street driving. 17x10's might be a little wide, but I could be wrong. Someone else will have to varify this.
5. Companies can claim anything they want. Mostly this is done on modified vehicles, and at it's peak power band. The Cervini's hood is a ram air hood, so it won't have any real benefit until you are driving at higher speeds to force the air into the motor.