Here's the breakdown of the work done (or being done) on the car:

Engine
  Modern Performance stuff:
    match ported and polished high flow cylinder head
      stainless steel wire o-ringing
      oversized EV8 swirl polished, severe duty valves
        (1.890" intake, 1.590" exhaust)
      silicon bronze thick walled valve guides
      valve seat, combustion chamber walls and valve bowls multi-angle
        radius cut and blended
      Federal Mogul cam bearings
    match ported and polished intake and exhaust manifolds
    roller camshaft (.526 intake and exhaust lift)
    custom short block assembly
      bored and honed with torque plate, main caps, bell housing, and
        water pump installed (to simulate in-chassis block distortion)
      crankshaft cleaned, reconditioned, micro polished, balanced, and
        oil holes radiused
      balanced complete rotating assembly (crank, rods, pistons,
        flywheel, and damper)
      deck of block resurfaced, parallel to main bearing saddles
      custom pistons
      Crower rods
      Speed-Pro plasma moly file fit rings
      King rod and main bearings, featuring lead based over plate dual
        bi-metal bearing
      Federal Mogul auxiliary shaft bearings
      TRW high volume oil pump
      Speed-Pro hardened oil pump drive rod
      Pioneer freeze plug kit and head gasket alignment dowels
      two coats of 600 degree engine paint
    level 3 (3 inch turbo to tail) high flow exhaust system
    mass air system
      modified Pro-M 76mm mass air flow meter
      K&N conical air filter
    modified E-82 T3/T4 hybrid high-flow turbo
      (~540 cfm flow rating at 82% efficiency)
    large custom air to liquid intercooler system
      Spearco 2-231 with 2-171 A/L core, 4.5"x4.5"x10", flows 700cfm
        at .1psi pressure drop
      radiator-sized heat exchanger up front below 4" thick radiator
      Bosch IC water pump (from Ford SVT Lightning)
    Perfect Power PRS8 engine control computer
      completely replaces stock EEC-IV computer
      varies timing, fuel, boost throughout RPM and engine load
      ranges (calibrated on dyno), native mass air
  ARP undercut head studs
  Bosch 52 lb/hr fuel injectors
  Carter 190lph high-flow in-tank and Airtex 220lph rail fuel pumps
  65mm throttle body from 5.0 Mustang
  Race adjustable cam sprocket with round-tooth timing set
  engine dyno-tuned for best performance and reliability
  new motor mounts
  David Godfrey machined aluminum timing indicator
  misc (water pump, oil pump, timing belt tensioner, gaskets, etc)

Drivetrain
  Borg-Warner World Class T5 transmission and conversion parts
    gear ratios: 2.95, 1.94, 1.34, 1, .63
  6-puck Ram high-torque clutch
  David Godfrey manual clutch adjuster
  2-piece driveshaft
  Quaife ATB differential
  Racelogic Formula1-style traction control
    purchased through US distributor Matrix Engineering
      
Suspension
  Cosworth 28mm front sway bar
  Cosworth 16mm rear sway bar
  BAT rear shock mount brace (blue alloy)
  BAT standard height sport spring set (much stiffer than stock)
  SPAX 10-point adjustable front struts
  SPAX 14-point adjustable rear shocks
  All bushings front and rear replaced with Powerflex bushings
  David Godfrey machined aluminum strut top washers

Brakes
  BAT front R/S brake kit (285mm Cosworth rotors, 25mm larger than stock)
    Mintex 1144 pads
  BAT rear disk brake kit (T-bird calipers, 260mm rotors, Mintex pads)
  misc

Body (all parts except louvres supplied by Phil at OPMD.com)
  Cosworth grille, new grille gasket
  Cosworth RS Wing
  Cosworth RS500 front bumper
  Cosworth hood louvres
  European Sierra headlamps (Left-hand drive)
  European side marker lamps
  Clear Cossie front turn signals
  European Ford emblems
  Stainless steel door sills
  Restore, paint, and reassemble car by Leešs Garage
  
Sound system
  Kenwood MP3 Receiver
  Polk speakers
  HSU Research subwoofer
  350Watt subwoofer amplifier
 
Other
  new cv boots, cv joints cleaned and repacked with grease
  MerkMeter air/fuel meter
  new wheel bearings
  new control arms
  new heater control valve
  block heater
  misc

Most of the parts are supplied by Nick, BAT, or Phil Dorsey (OPMD.com):