NB&SV

You'll probably want to put the black/white wire to a button more than a switch. Basically with power to the pink wire when you ground the black/white wire the coil fires and you get a spark. But, only once. So, if you put it to a switch it'll only fire once when the switch is turned on. With a button you can make it fire everytime you push the button so you can just keep hitting the button until it lights. To find the trigger wire in a multiple coil setup like that you can typically look at all the coils and see which wire changes color for every coil. The power and "tach" wire for each will normally be the same, with the trigger wire being different for each coil.

Good. Cheap. Fast. Pick two. Making something a Beast is always subjective. The 5.0 responds pretty well to simple bolt on parts, intake headers and the like. It also responds even better to things like cam and heads. The stock 5.0 is great for low end torque but not much else. To really make it scream will require a cam, heads, and good intake. At that point you're going to be looking at better internals to help keep it together. I would make the swap, then add a good cold air intake, a good set of ceramic coated headers, and a full exhaust. At that point you will likely have used up a fair bit of change, but as you get money you can go farther and will have the building blocks to make the other things work better.