Drilled or slotted rotors will NOT reduce pad life, they will also not improve stopping power. They will actually slightly reduce it. The slots and/or holes reduce the surface area of the rotor so there is less for the pad to grab on to. Where they could help you is over long periods of hard braking by helping the rotor cool more efficiently.
All that 99% of people really need are a quality set of blank rotors, and a quality performance pad, hawk, ebc, etc. Don't get me wrong I love my 4 piston Alcon calipers and 13" rotors up front but 99.9999999999% of the time they are overkill by a huge margin. There is really no reason for a brake setup like that unless you are spending a lot of time on a race track. Another thing you would have to consider is tires, a serious brake upgrade is going to be wasted money without some kind of a performance tire to provide grip on the road for the brakes to work. Even with my fat summer tires I can still lock up the front wheels pretty easily if I'm not careful.
OldRanger, the mustang brakes will not work without lots of modifications, you would need to fabricate new mounting brackets, and depending on your wheels would probably need to have custom rotors made. In other words it's not worth it for what would be a small improvement, That $150 would be much better spent on some performance pads and some quality brake fluid.