First things first, I NEED TO IDENTIFY MY GOAL(s) to get the correct path to follow. I am a fuel economy nut, so my goal with your engine would be simple; to make it more efficient where ever I can, resulting in the highest possible fuel economy.
The first thing I would do is learn how Ford made 14 more hp with the 95 version and decide if that fit my end goal, then incorporate it.
To date, the single largest power robbing fixture I have identified is the crankcase driven fan/clutch; remove that and install a 16" puller with a new water pump.
If you aren't already, incorporate the use of all full synthetic fluids; engine oil, transmission fluid and differential fluid.
Your engine has, is and will continue to be used in racing, resulting in a ton of after market support. Back in the late 80's there were 10x the number of companies making parts for it over the Cologne V6's.
As divulged, my focus would be on fuel economy, so I would dig into the parts archives and try to learn which parts helped make them more efficient.
Here is a link about building your SOHC Lima I4 engine for power. Some of what is done may be of interest as well as the resulting 268 hp at 211 ftlbs of torque.
Like I said, I don't know what your end goal or budget are so maybe that's something to think about ..)