First, ram air is a myth.
Functional "ram air" hoods serve the exact same purpose as a CAI...get fresh, cool air to the engine. So he's already got that covered.
I would also recommend against MSD ignition coils...unnecessary for stock to mildly modified cars.
If it were mine, i'd say....
Suspension suspension suspension
Heres what I would buy:
Shocks/struts - KYB (seems like what many of the W-Body guys like to run, stiffer but not harsh)
Springs - Eibach Pro Kit (performance spring rates, and lowers it just enough to kill the ugly wheel gap, but not so low as to be undrivable)
And if he still wants more (I would),
GO HERE and get...
Sway bars: keeps car flatter in corners
Strut tower bar(s): stiffens car, improves response
Trailing arms: also stiffens car, improves response and traction
They have AWESOME high quality parts, and awesome prices.
If your friend wants power, I would say get a smaller blower pulley (creates more boost, and more boost =

) and exhaust. Headers arent exactly necessary unless he just has money to burn. Smaller pulley would be quite nice, and with a decent muffler, they'd probably put him deep into the 13s.
Appearance-wise, I agree...the yellow looks ricer-ish. ALL black looks fuckin tough. And I've always been partial to these wheels (Mille Miglia Evo5) on W-Bodies

dang sorry for the huge pic guys...only one i have