I thought those Flowmaster 40's were more of a big block thing...which the 4.6 is not.

DO headers and a good intake.....maybe grab a nice y pipe and open the exhaust up to about 3".

18's will also fit nicely under there. Tint it, paint it and you'll habe a sweet car....There's one in my area and it's real tight...it's black,it's got air-ride and chrome 18's, when he lay's frame it looks too cool.

 

Tint and 5 spoke rims. Lower 1.5 inches as well. That would I would do. Whatever you do I am sure it will turn out fine.

 

Along the topic of cherry bombs, if they are installed backwards, they have a reverse effect on quieting and actually make the exhaust louder, but do flow better apparently, haha.