Im pretty sure you can go to a salvage yard and get what you need off of a sn-95' - 98 style for the front. and probaly for the rear. Just gotta figure out how many spline axles you have, and get the same amount but with 5 lug.
As for the suspension. I have a 96' cobra, but really its the same basice setup from 79'-98'.
A set of 1''-2" lowering springs, eibeich-sportlines, FRP,QA-1. with some good koni,kyb or the best bilstein shocks. Or if you really want to get into it, combine them and get QA-1 Coilovers, or bilsteins. with Qa1 tubular control arms, tubular k-member and youll loose 35lbs.
If your gonna be messing with ride height, which is a must. Get a set of camber-caster plates, and a tie-rod bumpster kit if its lower then 1".Also grab some steeda ball joints.
Now if you do the 5-lug conversion, get a set of 96' or any cobra set of rims with 245-45-17s, or something even wider in the rear.
If your gona be running the street,track,hiway all around. A good gear ratio with the 17'' cobra rims is 4.10. If your runing smaller rims,like 14's 15's keep the gear ration in the 3.55-3.73 range.
The larger diameter rims even out nice with 4.10s. I can still hit 160 in my cobra with 4.10's and 17'' rims.
If it dosent have posi, find a good used 96-98 cobra/gt 8.8 posi setup, aqnd rebuild with new clutches.Or just swap a complete axle in to solve the posi and 5lug issue.
A set of tublar or aluminum hi-strength upper and lower rear control arms. BBK makes some good ones. Also Qa-1. If its lowere more then 2" then get adjustable uppers to adjust/level out the driveshaft angle.
There are also rear pan-hard bars for the rear axle, but arnt really needed for street.
Oh yea, a underhood strut-tower support bar, and a rear strut tower in the trunk.
Some good poly bushings in the control arms,sway bars etc. And the sway bars out of a 96-98 cobra are dont quote me: 22mm & 26mm compared to the stock 17&19mm, but you get the idea.
For stoping. In the rear, you can get the brake caliper,disc, and bracket for a cobra and do some welding. Or like i said, get a whole cobra/gt/explorer rear axle with posi,5-lug and disc.
Up front, same thing. Go for 96-98cobra parts for front brakes. Also, a 99-04 set of stock lower control arms will give you more clock to clock steering radius, but mite need tie-rod mod/rack&pinion mod.
This is a start. a good start. Your best bet is to look for cobra parts. As they are very reliable, easy to replace, and do the job just fine. Trust me..
I KNOW...
http://www.youtube.com/user/cobra96svt570#p/u/11/pgJ7spwrJyQ