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I say go for the 5th gear swap. It's cheap and the benefits are pretty good. Probably even better if you can get a junked 626 tranny out of the bone-pickers.
A good header could help lean things out and improve MPG a little more, but most of the good ones are out-of-production already, and all that's left are the generic Taiwanese and OBX ones.
The P5 is a great car. Absolutely fantastic to drive. The short 5th and the odd 1st-2nd gap are perhaps its only practical foibles.
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