Most mods are low HP, and reliability mods.
Get a tune up, replace all your hoses, o2 sensor. A nice upgrade is coil on plug, there is info about it floating around, costs about the same as replacing the plug wires, but you get coils too. A modded air box is rumored to help the very top end, but it is minor, it does help the sound of your engine. Some guys upgrade to a certain Mustang injector as well.
A chip is your biggest upgrade performance-wise, followed by a lightened flywheel. After that, the return on what you spend becomes pointless. BMW pretty much locked this motor down unless you want to tear into the head, cams and/or bottom end. $$$
There are guys doing budget turbo, blower and stroker setups in though so take a look around. Unfortunately we are not driving small block Chevys.