Being a performance & Mustang Enthusiast, I will say this - the exhaust header (commonly referred to as the exhaust manifold by some) that comes from the factory on the M42 is REALLY an excellent and free flowing design for a factory issued part. It's mandrel bent (very smooth curves), the exhaust openings and tubing are a very generous size (I think they are 1 5/8"), there is smooth transition into each header tube, it flows exactly like a performance header, there are hardly any restrictions even down to the collector and the part is made of SS, which again is excellent.
IMO, spending $$$ on some aftermarket exhaust header for an M42 is pointless and a total waste of $$$. The factory part is of very high quality, is by far an excellent free flowing, low restriction design that offers the best performance.
If you are going to upgrade any part of the exhaust on an M42 - it would be after the exhaust header collector:
1) upgrade the mid pipe to a slightly larger diameter
2) upgrade the factory catalytic converter to a high-flow catalytic converter that would match the mid pipe's size increase
3) upgrade the catback pipe to a slightly larger diameter
4) upgrade the muffler to a larger diameter, but also one that is less restrictive
Exhaust is not just about "sound", it's about having a system that is not overly restrictive.