You'd be much better off getting a chip. Cam's, TB, MAF, are different on the Cougar. Plus, the timing change isn't that much more aggressive. If you can get 92 or 93+ ocatane gas, you can take more advantage of a chip. since it can be timed for it.
Not to mention, Cougar's don't take to SVT EECV's to easily (I know!)
-Chris